USD/JPY rises modestly after US PPI

FXStreet (Córdoba) - USD/JPY rose modestly from 118.25 to 118.50 after the release of inflation data from the US. Despite the recovery the pair is still lower for the day.

The Producer Price Index fell 0.2% in November, a larger decline than the 0.1% expected by market consensus. The annual rate fell from 1.5% to 1.4%. Despite a reading below expectations, the US dollar rose marginally in the currency market.

USD/JPY between 118.00 and 118.50

The pair dropped during the European session and found support slightly above 118.00. Since then, USD/JPY is trading inside a range between 118.10 and 118.50.