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USD/JPY a slow player in Tokyo

FXStreet (Barcelona) - USD/JPY is trading at 107.11, down -0.02% on the day, having posted a daily high at 107.26 and low at 107.10.

USD/JPY is steady on the open and remains proudly on the 107 handle. The pair has been better bid on the back of the US events that had a reading of 0.1% better than expected CPI results for the US economy which boosted the greenback. The supply in Yen came in before critical resistance and the pair has since consolidated in a 30 pip range on the handle. Yesterday, the market was subdued despite the trade deficit that widened to JPY1070 billion in September. Analysts at BNP Paribas explained that this was due to increased energy imports since the closing down of the nuclear power stations and deteriorated terms of trade following the weakening of the yen. “Recently, the latter has caused friction between Prime Minister Abe and the Governor of the BoJ.” Attention now turns towards the Japanese manufacturing PMI release where exceptions are for an unchanged outcome at 51.7.

USD/JPY noteworthy levels

Current price is 107.12, with resistance ahead at 107.14 (Daily Open), 107.26 (Daily High), 107.28 (Daily Classic R1), 107.39 (Yesterday's High) and 107.39 (Daily 20 SMA). Next support to the downside can be found at 107.11 (Hourly 20 EMA), 107.10 (Daily Low), 107.00 (Weekly High), 106.85 (Hourly 200 SMA) and 106.81 (Hourly 100 SMA).

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