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USD/JPY holding on above 106.00

FXStreet (Edinburgh) - The greenback is trading on a firm footing on Thursday, keeping USD/JPY above the 106.00 handle so far.

USD/JPY focus on US data

The US dollar is looking to regain ground lost after yesterday’s deep sell off. However, the current recovery will be put to the test in light of today’s data releases across the pond: Initial Claims (290K exp.) and Industrial Production (0.4% exp.). In addition, speeches by Fed’s Kocherlakota, Lockhart, Plosser and Bullard will keep investors entertained throughout the session. “The expected rebound in USD was quickly and violently reversed with an overnight low of 105.20. There is no sign of stabilization just yet and the pressure is still on the downside. Expect any rebound to hold below 106.50 for a move towards 105.40”, signaled Quek Ser Leang, Market Strategist at UOB Group.

USD/JPY key levels

The pair is now up 0.23% at 106.16 with the next resistance 107.29 (high Oct.15) followed by 107.32 (high Oct.14). On the downside, a break below 105.20 (low Oct.15) would expose 105.00 (psychological level) and then 104.87 (low Sep.8).

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