USD/JPY Outlook (23 February 2022)

121
Overall, USD/JPY is ranging across.

The BoJ Core CPI y/y data (Actual: 0.8%, Forecast: 1.1%, Previous: 0.9%) released yesterday indicated a slowdown in annual inflation.

Japanese banks will be closed today in observance of Emperor’s Birthday. Expect lower trading volatility and volume during the usual Japanese market hours.

Currently, USD/JPY is testing to break above the key level of 115. Its next support zone is at 114.200 and the next resistance zone of 116.000.
Look for short-term buying opportunities of USD/JPY if it breaks above the key level of 115.

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