USD/JPY (current price: 109.67)
The Japanese Yen declined against its G10 peers was in the spotlight on Wednesday, with the scheduled interest rate decision by the local central bank. The U.S. CPI report came in slightly worse than expected, with Unemployment Claims declining to a surprisingly low 253,000 from the 273,000 reading of last week .Chinese GDP Growth and Industrial Production slightly beat expectations earlier this morning, pushing the pair even higher, almost back to the crucial support/resistance level of 110.
Our assessment: USD/JPY could hit the 110 resistance today before possibly resuming the dominant down-trend in the coming sessions.
