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USD/JPY ticking lower to 106.30

FXStreet (Edinburgh) - The Japanese yen is appreciating vs. its American counterpart on Tuesday, dragging USD/JPY to test the lower band of the range around 106.30.

USD/JPY in weekly lows

Spot is losing ground for the second consecutive session so far, retreating from Monday’s peaks in the 107.30 area following a softer tone from the US dollar and extending the broader correction from September tops around 110.00 the figure. Data wise in Japan, the key All Industry Activity index contracted 0.1% inter-month in August, while traders will keep looking for news regarding the GPIF; in the US docket, Existing Home Sales will be in the spotlight (5.10M exp.). Analysts at UOB Group argued “The high of 107.38 held well below the strong resistance indicated at 107.50 yesterday. The pullback from the high is likely part of a consolidation phase. Expect sideway trading for today, likely between 106.65 and 107.30”.

USD/JPY key levels

At the moment the pair is losing 0.41% at 106.50 with the next support at 106.14 (low Oct.17) followed by 105.51 (low Oct.16) and then 105.39 (daily cloud top). On the flip side, a breakout of 107.00 (high Oct.21) would aim for 107.39 (high Oct.20) and then 107.49 (high Oct.15).

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