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USD/JPY hits fresh lows, US data ignored

FXStreet (Córdoba) - USD/JPY extended its pullback from fresh 6-year highs at the beginning of the American session as the dollar retreats across the board despite mainly in line with expectations US data.

US personal expenditures and income came at 0.5% and 0.3% respectively in August versus 0.3% and 0.4% expected, while the CPE price index rose 1.5%, below the Fed’s target. USD/JPY has dropped over half a cent from highs and hit a fresh daily low of 109.12 and it remains near lows, recording a 0.11% below its opening price.

USD/JPY technical outlook

“The uptrend here has been renewed, targeting 110.60 area. Initial intraday support lies at 109.47 and crucial on the downside for the whole uptrend from 101.00 is already 108.44 low”, said Stoyan Mihaylov, analyst at Deltastock.

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