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USD/JPY extends gains after US consumer confidence

FXstreet.com (Córdoba) - The US dollar extended gains across the board and climbed to fresh daily highs versus the yen after the latest string of US data showed US consumer confidence improved more than expected in May.

USD/JPY pierced above the 102.30 area and stretched to a 4-day high of 102.47 in recent dealings. At time of writing, the pair is trading at 102.45, posting a 1.4% gain on Tuesday.

In terms of technical levels, if USD/JPY rises further, next resistances could be faced at 102.60 (May 24 high) and 103.00 (psychological level). On the other hand, immediate supports might be found at 101.75 (20-hour SMA) and then at the 101.00/100.80 zone (psychological level/daily lows/21-day SMA).

Commodities Brief – Gold trading at session lows, crude rides bullish streak to resistance at 95.50

Gold seems to be in the process of completing an inverted bearish cup with handle pattern, given its sporadic pricing as of late. The pattern certainly does not guarantee a previously likely bullish bias, as the break below the ascending support of the handle at 1380 signals a continuation of the bearish wave, as the pattern has a bearish implications. Following the release of optimistic US data and a slight rise in the USDIX, the yellow metal has fallen to intraday lows at USD $1376.36 per oz.
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