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USD/JPY uninspired by solid US housing data

FXStreet (Córdoba) - USD/JPY managed to almost completely erase intraday losses during the European session, although it lacked momentum to retest the 107.00 area, with the latest string of US data having virtually no effect on the dollar.

USD/JPY bottomed out at 106.24 earlier on the day but climbed back to the 106.90 zone afterward. At time of writing, USD/JPY is trading at 106.75, little changed on the day.

Meanwhile, better-than-expected housing data failed to boost the greenback. Data showed US existing home sales rose 2.4% in September to a seasonally adjusted annual rate of 5.17 million. This was the fastest pace of rise in a year after a 1.8% fall printed the previous month and against expectations of a 1.0% increase.

USD/JPY technical levels

As for technical levels, immediate resistances are seen at 107.00 (intraday high/psychological level), 107.38 (Oct 20 high) and 107.49 (Oct 15 high). On the other hand, supports could be found at 106.24 (intraday low), 106.12 (Oct 17 low) and 106.00 (psychological level).

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