The Japan PPI data for July – a.k.a. goods price index, or the price firms charge each other for products – is showing:
Japan PPI YoY is the lowest since April 2021
- Prior month -0.2%
- PPI MoM 0.1% versus 0.2% expected.
- PPI YoY 3.6% versus 3.5% expected. Prior month 4.1% This is the lowest since April 2021.
The USDJPY traded at 143.75 ahead of the report and targets the high price from last week’s trading at 143.881. That was the highest level going back to July 7. The 2023 high price was reached on June 30 at 145.07.
On the downside, traders will eye 143.44 has close support. Break below that level and traders will look toward 142.88 followed by the 100-hour moving average at 142.77 and the 200-hour moving average at 142.689.
For a detailed technical view heading into the key US CPI data tomorrow: