FxWirePro: USD / JPY range, dollars on defensive ahead of key CPI data – EconoTimes

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USD / JPY traded 0.06% lower at 109.41 at around 11:35 GMT that day, extending choppy trade by 21-EMA.

The US dollar remains on defensive ahead of key Thursday CPI data. Traders refrain from placing aggressive bets.

The US CPI report (due Thursday) will provide new clues as to the next monetary policy action by the Fed amid rising inflation risks.

The FOMC will be on June 17th meet. Any evidence of taper is likely to put upward pressure on the dollar / yen pair.

Technical analysis shows the main trend is bullish. The short-term bias has subsided. The pair holds support at 21 EMA.

Price action is consolidating above the 200 week MA. If the uptrend resumes, it will test the trendline resistance at 110.75 before hitting the yearly highs at 110.96.

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FxWirePro : USD / JPY range, dollar on defensive ahead of key CPI data
FX Option expires on June 10th at 10:00 AM from New York Cut

Keywords:

Consumer price index,United States Dollar,Foreign Exchange Market,Japanese yen,Inflation,Consumer price index, United States Dollar, Foreign Exchange Market, Japanese yen, Inflation,,

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