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USD/JPY fresh highs, 110.00 in sight

FXStreet (Córdoba) - USD/JPY pushed to fresh multi year highs Tuesday as disappointing Japanese economic data fueled the rally.

USD/JPY extended gains to a fresh 6-year high of 109.83 but found resistance and pulled back slightly. The US dollar has strengthened sharply against the yen amid diverging monetary policy outlooks, having risen for three consecutive days and very close to test the 110.00 important level. At time of writing, USD/JPY is trading at 109.75, recording a 0.25% rise on the day.

USD/JPY technical outlook


“The brief consolidation pattern below 109.75 found a reliable support at 109.10 zone and current outlook is already bullish, for a rise towards 110.60”, said Stoyan Mihaylov, analyst at Deltastock. “Initial intraday support lies at 109.10”.

GBP/USD bounces at 1.6160 again; back above 1.6200

After falling 120 pips from 1.6285 following upbeat UK GDP data, the GBP/USD found support at September 16 lows around 1.6160 where the pair bounced to trade back above 1.6200.
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