Just a few moments ago, Core CPI released by the Bank of Japan beat the forecast by 0.1%. Inflation grew by 0.8% vs. 0.7% forecast thereby halting the bullish rally in the Yen crosses. GBP/JPY and EUR/JPY have been trading in the overbought zone. We might have a chance to capture the retracement…

Today, investors’ main focus remains on the US Consumer Sentiment Index which typically does not have any direct impact on the Yen crosses. Therefore, it looks like a good time to trade the crosses based on technical levels. Let’s check out support and resistance levels for this week.

EURJPY – Major Trading Levels

Support     Resistance

128.95        131.09

128.29        131.75

127.22        132.82

Key Trading Level:    130.02

GBPJPY – Major Trading Levels

Support     Resistance

147.23        149.73

146.45        150.51

145.2          151.76

Key Trading Level:    148.48

Lastly, check out FX Leaders Support and Resistance trading strategy to take full advantage of these trading levels. Good luck!