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USD/JPY fails to reclaim 157 even after Japanese Core CPI miss forecasts

Earlier today the latest Bank of Japan core CPI data was released. The markets have expected BOJ core prices to come in at around 2.2%. They actually came in at just 1.8%. So, that was quite a miss on the downside and perhaps one might have expected that data to push the USD/JPY above 157, but it did not. The USD/JPY posted a technical US close last night at 156.88, after failing to also reclaim that 157 handle yesterday. The low seen earlier today was set at 156.62 and it seems this BOJ data has certainly stopped that downside move. The technical level at 157 is now a possible resistance point despite the high seen last week was at 157.19. So, a break above 157.20 could open a path to the next technical correction level, at 158.20. The USD/JPY is currently trading at 156.80
 

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