USD/JPY Price Ranging Above 149.0 Ahead of US CPI

• The bias remains bullish after failing to take out the 148.25 obstacle.
• The US inflation figures should move the rate today.
• A valid breakout through the range’s resistance validates further growth.

The USD/JPY price is trading at 149.09 at the time of writing with no clear directional bias. The pair has turned to the upside as the Yen shows weakness.

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The greenback took the lead versus the JPY even though the Dollar Index was in a corrective phase. The price climbed as much as 149.32 as the US reported positive data yesterday. The PPI rose by 0.5%, beating the 0.3% growth estimated, while the Core PPI surged by 0.3%, exceeding the 0.2% growth expected.

Today, the Japanese data came in worse than expected. The PPI reported a 2.0% growth versus the 2.4% growth estimated. Core Machinery Orders dropped by 0.5% even if the specialists expected a 0.7% growth, while Bank Lending registered only a 2.9% growth less compared to the 3.1% forecasted.
Later, the US data could be decisive. The US CPI m/m may report a 0.3%, CPI y/y is expected at 3.6%, while Core CPI could register a 0.3% growth again.

Lower inflation could weaken the greenback, while higher-than-expected inflation should boost the USD. Furthermore, the Unemployment Claims indicator will be released as well.

USD/JPY Price Technical Analysis: Bullish Bias

The USD/JPY price is trapped between 148.25 and 149.33 levels. Escaping from the formation could bring new opportunities. The false breakdown with great separation below 148.25 announced a potential leg higher and invalidated a larger drop.

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Technically, the price action signaled a potential downside reversal in the short term after taking out the uptrend line. False breakouts through the 149.33 may announce a new sell-off within the range pattern. So, the rate could extend its sideways movement. Still, a valid breakout above the range’s resistance activates further growth.

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• Source: https://www.forexcrunch.com/usd-jpy-price-ranging-above-149-0-ahead-of-us-cpi/