USDJPY SLIPPING AHEAD OF U.S CPI DATA
The USDJPY pair has retreated from daily highs, as the U.S dollar comes under slight selling pressure and financial markets become cautious, ahead of the key release of U.S inflation figures for the month of June.
Overall profit taking and traders looking to re-positioning after U.S data is released has weighed on the USDJPY, with the pair slipping below the daily pivot point, at 113.29.
Weaker than expected U.S inflation data may see the USDJPY pair fall beneath the 113 level. Key support is found at the 200 day moving average, at 112.87, and the daily time frame 20 period moving average, at 112.68.
The 100 week moving average at 112.39, also offers strong technical downside support for the USDJPY pair.
Better than expected U.S data may boost the USDJPY pair towards the 113.57 level, with further upside resistance found at 113.89, and the former monthly price high, at 114.36.