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USD/JPY clings to 107.00

FXStreet (Edinburgh) - Very narrow range for USD/JPY at the start of the European session on Wednesday, looking to keep the trade around the 107.00 handle so far.

USD/JPY focus on US docket

After testing the 105.00 mark last week, spot sparked a correction higher although USD-bulls still remain unable to break above the 10700/30 band on a sustainable basis. In the data front, the Japanese trade deficit surprised to the downside, widening to ¥1,070 billion during September with a significant increase in imports. Next of note will be the US inflation data tracked by the CPI, with consensus expecting 1.6% YoY vs. 1.7% YoY from August. In the view of Dmytro Bondar, Technical Analysis at RBS, “the pair will continue to hold above 105.52 and Ichimoku cloud, as our targets of 109.30 and 112.00 remain intact. A break through the cloud cancels the view”.

USD/JPY levels to watch

As of writing the pair is losing 0.06% at 106.93 with the next support at 106.25 (low Oct.21) ahead of 106.14 (low Oct.17) and finally 105.90 (daily cloud top). On the other hand, a break above 107.12 (high Oct.22) would open the door to 107.39 (high Oct.20) and then 107.49 (high Oct.15).

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