The USDJPY currency pair, currently trading at 139.491, has extended its period of losses in anticipation of upcoming US inflation data.

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• USD/JPY has stretched its losing spell ahead of US inflation data.

The pair currently trades last at 139.491.

The previous day high was 141.46 while the previous day low was 140.16. The daily 38.2% Fib levels comes at 140.66, expected to provide resistance. Similarly, the daily 61.8% fib level is at 140.96, expected to provide resistance.

The USD/JPY pair has continued its losing spell for the fifth trading session on Wednesday. The asset has perpendicularly dropped below the crucial support of 140.00 following the footprints of the US Dollar Index (DXY).

S&P500 futures have added some gains in Asia, following positive cues observed on Tuesday. Rising expectations that interest rates by the Federal Reserve (Fed) will peak sooner have infused optimism among market participants.

The US Dollar Index (DXY) has extended its correction swiftly to near 101.37. The USD Index was enjoying the status of cautious market mood due to aggressive policy-tightening from the Fed but now expectations that only one interest rate hike has left in the quantitative toolkit, are weighing burden on it.

Going forward, a power-pack action is expected ahead of the United States Consumer Price Index (CPI) (June) data. Analysts at Credit Suisse expect monthly core CPI inflation to step meaningfully lower in June to 0.2%. The decline would be welcome for the Fed since core inflation has seemingly been stuck around a monthly run rate of 0.4% so far this year. Annualized reading of core inflation is likely to decline to 4.9%, with headline inflation coming in at 3.1% annually, continuing its path toward the target.

The Japanese Yen has flexed its muscles despite Producer Price Index (PPI) figures for June missed estimates. Prices of goods and services have contracted by 0.2% at factory gates vs. expectations of 0.1% expansion. Annualized PPI has decelerated to 4.1% against the consensus and the former release of 5.1%.

Technical Levels: Supports and Resistances

USDJPY currently trading at 139.54 at the time of writing. Pair opened at 140.37 and is trading with a change of -0.59 % .

The pair is trading below its 20 Daily moving average @ 142.86, below its 50 Daily moving average @ 139.92 , above its 100 Daily moving average @ 136.92 and above its 200 Daily moving average @ 137.19

The previous day high was 141.46 while the previous day low was 140.16. The daily 38.2% Fib levels comes at 140.66, expected to provide resistance. Similarly, the daily 61.8% fib level is at 140.96, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 139.87, 139.36, 138.57
• Pivot resistance is noted at 141.17, 141.96, 142.47

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