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27 Feb 2015
USD/JPY keeps the range as Japanese inflation meets expectations – MarketPulse
FXStreet (Barcelona) - Kenny Fisher, Currency Analyst at MarketPulse, reviews the Japanese data releases today, and further shares the key technical levels for USD/JPY.
Key Quotes
“Japanese data was a mix on Thursday. Inflation indicators met expectations in February. Tokyo Core CPI was unchanged at 2.2%, matching the forecast. National Core CPI posted an identical gain, close to the estimate of 2.4%.”
“Consumer spending looked awful. Household Spending plunged 5.1%, worse than the estimate of -4.0%.”
“Retail Sales had its worst showing since May, with a decline of 2.0%. The markets had expected a softer decline of 1.2%.”
“There was some good news on the manufacturing front, as Preliminary Industrial Production climbed 4.0%, well above the forecast of 2.9%.”
“USD/JPY has shown limited movement in the Asian and European sessions.”
“118.69 is an immediate support line. 117.49 is next. 119.83 is a weak resistance line. 120.63 is stronger.”
“Current range: 118.69 to 119.83”
“Further levels in both directions:
Below: 118.69, 117.49, 116.69, 115.56 and 113.83
Above: 119.83, 120.63, 121.69 and 122.19”
Key Quotes
“Japanese data was a mix on Thursday. Inflation indicators met expectations in February. Tokyo Core CPI was unchanged at 2.2%, matching the forecast. National Core CPI posted an identical gain, close to the estimate of 2.4%.”
“Consumer spending looked awful. Household Spending plunged 5.1%, worse than the estimate of -4.0%.”
“Retail Sales had its worst showing since May, with a decline of 2.0%. The markets had expected a softer decline of 1.2%.”
“There was some good news on the manufacturing front, as Preliminary Industrial Production climbed 4.0%, well above the forecast of 2.9%.”
“USD/JPY has shown limited movement in the Asian and European sessions.”
“118.69 is an immediate support line. 117.49 is next. 119.83 is a weak resistance line. 120.63 is stronger.”
“Current range: 118.69 to 119.83”
“Further levels in both directions:
Below: 118.69, 117.49, 116.69, 115.56 and 113.83
Above: 119.83, 120.63, 121.69 and 122.19”