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USD/JPY hanging on to 104.00

FXStreet (Edinburgh) - The greenback is trading in a narrow range on Monday, keeping the USD/JPY in the 104.10-104.20 range so far.

USD/JPY focus on the US docket

The demand for the Japanese currency remains subdued despite a re-emergence of jitters around the Ukraine-Russia situation over the weekend, keeping spot above the 104.00 barrier. Next of relevance will be the manufacturing gauges in the US economy by Markit and the ISM (56.9 exp.). “If geopolitical tensions remain under wraps, the pair may remain relatively responsive to USD dynamics with a near term anchor expected at the 104.00 neighborhood. Notably, CFTC net leveraged JPY shorts increased significantly in the latest week with net positioning also tipping into extreme levels. In the near term, look for a supported tone within a 103.00-104.50 range”, noted Emmanuel Ng, FX Strategist at OCBC Bank.

USD/JPY levels to watch

At the moment the pair is advancing 0.06% at 104.14 and a surpass of 104.17 (high Aug.26) would expose 104.49 (high Aug.25). On the downside, the initial support aligns at 103.66 (low Aug.29) followed by 103.56 (low Aug.28) and finally 103.50 (low Aug.22).

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