The USDJPY is ticking to a new high and is up for the 3rd consecutive day.
In the process, the price is extending above a key swing area between 143.44 to 143.54. That area will now be a close risk level for traders going forward. Stay above is more bullish. Move below and we should see some downside retracement on the failed break.
Tomorrow the key US CPI will be released with the expectations for the YoY headline to tick up to 3.3% from 3.0% as the year-ago levels on a month-to-month basis took a 2 month hiatus from moves higher.
That data might give traders some cause for pause on too much upside momentum The high for the year at 143.88 is the next key target.
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This article was written by Greg Michalowski at www.forexlive.com. Source