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USD/JPY keeps the trade above 106.00

FXStreet (Edinburgh) - The greenback is trading almost unchanged vs. its Japanese counterpart on Friday, with USD/JPY surviving above the 106.00 handle so far.

USD/JPY looks to risk for drivers

Spot managed to bounce off recent lows around the mid-105.00s following poor data in the US economy and a resurgence of the risk appetite trends, regaining the 106.00 key mark and extending the trade to the current 106.30/35 band. In the Japanese data front, Foreign Bond Investment rose to ¥796 billion in the week ending on October 10th while the US calendar will show Housing Starts and Building Permits, expected at 1.004M and 1.029M in September, respectively. “This move lower is indicated to be a correction only and beyond this we look for further gains to the 110.67 August 2008 high”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

USD/JPY key levels

As of writing the pair is losing 0.08% at 106.24 with the immediate support at 105.51 (low Oct.16) ahead of 105.20 (low Oct.15) and then 105.15 (cloud top). On the upside, a breakout of 106.50 (high Oct.17) would aim for 107.22 (Tenkan Sen) and finally 107.49 (high Oct.15).

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