USD/JPY

Japan CPI rose by 3.3% in June. The BoJ raised the sales tax to 8% from 5% in April. The increase in the nation sales tax boosts the prices. The data has just been released. The pair exactly touches the 20WSma, trading at a one-week high. But the pair is unable to stay above the 20WSma. It was rejected at 20WSma. In the next week, we can see some kind of one side move, hoping for a range breakout. In the daily chart, the pair is facing resistance at 50DSma and the 50.0 fib level on a closing basis. The near term will turn to one side direction if the pair manages to close above the 50DSma.

The hourly stochastics is indicating an overbought zone. The pair has support at 101.70, 101.55 and 101.40. The pair looks weak below 101.33, 101.19 and 101.07 levels. Until the pair holds above 34HrSma (blue color), the up move will be intact.

Intraday support

101.70, 101.55, 101.40

A day close above 101.85 levels, one side direction towards 102 and 102.30, and in the near term bulls will have an upper hand.

Strong selling is only below 101.40.