Still weak Japan inflation

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This morning, official data showed that Japan's National CPI grew 0.1% on year in June (as expected). Core-inflation rate was released unchanged vs -0.1% on year expected. Tomorrow, July Jibun Bank PMIs will be released.

From a technical point of view, on a daily chart, USD/JPY is capped by a declining trend line and stands below its 50-day moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 108.20 as the nearest support would be set at June bottom at 106.00 and a second one would be set at horizontal support at 104.50 in extension.

Source: TradingView, GAIN Capital

Related tags: Forex Forex JPY

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