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USD/JPY hovering over 107.20

FXStreet (Edinburgh) - The USD is trading without any clear direction on Wednesday, keeping USD/JPY in a narrow range between 107.10 and 107.50.

USD/JPY focus on US data

Spot is inching higher today, managing to shrug off recent USD weakness and pushing the trade back above the key 107.00 handle. Poor data from the Japanese industrial sector could be weighing on the JPY while traders look to Sep US Retail Sales for further queues on the greenback (-0.1% exp.). “Short-term technical patterns are softer and we think weakness below 106.54 (38.2% retracement of the 101/110 move up) will open the door up for a test towards the 104.50/105.50 range”, signalled Shaun Osborne, Chief FX Strategist at TD Securities.

USD/JPY levels to watch

At the moment the pair is advancing 0.10% at 107.17 with the next resistance at 107.49 (high Oct.15) followed by 107.63 (high Oct.13). On the downside, a break below 107.05 (low Oct.15) would aim for 106.68 (low Oct.14).

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