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USD/JPY firmer, focus on 105.00

FXStreet (Edinburgh) - The greenback continues to trade on the right footing on Tuesday, now pushing the USD/JPY closer to the psychological 105.00 handle.

USD/JPY looks to the US docket

While the Japanese yen extends its negative tone, market participants are looking to today’s data releases in the US economy, where the manufacturing sector will be in the spotlight via the Markit PMI and the ISM. “In line with expectations, USD continues to move higher even though the overnight high of 104.34 did not reach the target highlighted at 104.40 yesterday. Upward momentum remains strong and further up-move is still likely from here. Expect 104.10 to hold for a move towards 104.55”, observed Quek Ser Leang, Market Strategist at UOB Group.

USD/JPY levels to consider

As of writing the pair is up 0.47% at 104.85 with the next hurdle at 104.92 (high Jan.16) ahead of 105.00 (psychological level) and finally 105.42 (high Jan.10). On the downside, a breach of 104.30 (low Sep.2) would open the door to 104.19 (Tenkan Sen) and then 104.08 (low Sep.1).

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