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USD/JPY putting 109.00 to the test

FXStreet (Edinburgh) - The US dollar extends its selling mood during the NA session, now dragging USD/JPY to challenge the critical support at 109.00.

USD/JPY weaker on profit taking

Despite the current intraday decline, the broader picture remains of a solid upside in the greenback, of course bolstered by the recent strong results from the US labour market. As Brian Martin at ANZ put it, “The dollar is continuing to appreciate as it carries the expectations of future policy normalisation in the US. The rise in the DXY is becoming increasingly correlated with the fall in the US unemployment rate”. Next of note in the Japanese calendar, the BoJ will hold its monetary policy meeting tomorrow, although markets could have already price in a repetition of the last meeting’s tone.

USD/JPY levels to consider

The pair is now retreating 0.73% at 108.95 with the immediate support at 108.36 (low Oct.3) ahead of 108.28 (21-d MA) and finally 108.01 (low Oct.2). On the upside, a breakout of 109.85 (high Oct.6) would open the door to 109.91 (high Oct.3) and then 110.09 (2014 high Oct.1).

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