Ahead of the Japanese CPI data release, the yen is trading higher against EUR and GBP. Due to lack of data from the eurozone and UK, today's session might depend on Japanese data. Analysts expect weaker inflation in Tokyo CPI and national CPI on a yearly basis. In case readings meet analysts' expectations, the cross will edge higher. The EUR /JPY and GBP/JPY crosses have been correcting for 4 weeks and 7 days respectively. The cross has been consolidating for almost 6 days finally made a breakout on the lower side at today's Asian session.
In the four-hour chart, the cross made the first lower low formation for more than a month. In the H1 chart, the cross lost all the moving averages. At the Asian session, the cross was trading at 194.00, the nearest nominal support is found at 193.80. The strong support is seen at 192.80 and 192.60. The 20Dsma is found at 192.40. The support seems to be a bit far from the current market price.
Intraday resistance is seen at 194.30 and 194.60. Buying momentum looms above 195.00. Fresh selling is available below 193.80 towards 193.50, 193.30, 193.00, 192.80, and even 192.50. The hourly oscillators indicated oversold.
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