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USD/JPY retakes 106.50

FXStreet (Edinburgh) - Quite a choppy session for the greenback so far, with USD/JPY now clinching the 106.50 level.

USD/JPY supported around 105.00

The pair seems to have found strong support in the vicinity of 105.00 the figure this week, although the price action is still within the broader decline from ytd peaks beyond the psychological 110.00 mark (September). Ahead in the session, US Housing Starts (1.004M exp.), Building Permits (1.029M exp.) and the Reuters/Michigan index (84.1 exp.) are the only releases across the pond along with Yellen’s speech. Strategists at Westpac assessed, “USD/JPY still feels ‘lazy long’ and the risks of a move back towards 104 remain high (long term trend support and 38.2% of 93.79 to 110.09). Risk aversion is now at/ through tipping points; global data is weak; US yields have plunged and Japanese demand for foreign assets has been strong. This is a recipe for further weakness. We hold the neutral bias for another week”.

USD/JPY key levels

As of writing the pair is advancing 0.18% at 106.53 and a breakout of 106.60 (high oct.17) would expose 107.22 (Tenkan Sen) and finally 107.49 (high Oct.15). On the downside, the next support lines up at 106.14 (low Oct.17) ahead of 105.51 (low Oct.16) and followed by 105.20 (low Oct.15).

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