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USD/JPY sold at 109.85; bears defending 110.00

FXStreet (San Francisco) - The USD/JPY rallied 60 pips in the European session from 108.25 to reach fresh highs at 109.85. At this level, the pair found selling interest and it was launched back to 109.50.

The USD/JPY was trading under pressure the last two hours after weaker than expected US economic data. US Consumer confidence declined to 86 pts in Sept. Bellow expectations and lowest since May; Chicago PMI was reported at 86 pts in Sept; a bigger decline than expected.

Currently, USD/JPY is trading at 109.55, up 0.06% on the day, having posted a daily high at 109.86 and low at 109.19. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish.

USD/JPY sentiment

"The dominant bullish trend prevails regardless mild positive technical readings, and retracements are still seen as buying opportunities now on approaches to the 109.00 price zone," comments Valeria Bednarik from FXStreet.

If the pair extends declines beyond 109.50., it will face supports at 109.20 and 109.10. On the upside, resistances are at 109.85 and the key 110.00.

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