USD/JPY eases from highs post-US CPI

By FXStreet The upside in the greenback has eased a tad vs. its Japanese peer today, taking USD/JPY to the 119.30 area following the key US CPI.

USD/JPY still bid ahead of Fedspeak, data

The pair is fading part of the earlier spike to the vicinity of 109.70 in spite of the upbeat tone from US inflation figures during April, with CPI rising 0.4% MoM and 1.1% on a yearly basis.

US Building Permits have expanded less than expected 3.6% to 1.116M during the same period, while Housing Starts have surprised to the upside, expanding 6.6% to 1.172M.

Later in the NA session, Industrial Production and Capacity Utilization are due followed by speeches by FOMC’s Lockhart, Williams and Kaplan.

USD/JPY levels to watch

As of writing the pair is advancing 0.16% at 109.19 facing the immediate resistance at 109.65 (high May 12) followed by 110.57 (55-day sma) and finally 111.92 (high Apr.28). On the flip side, a breach of 105.52 (2016 low May 3) would open the door to 105.18 (monthly low Oct.2014) and then 101.97 (monthly low Aug.7 2014).
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Source:: FX Street