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USD/JPY capped around 107.60

FXStreet (Edinburgh) - The greenback remains in the upper end of the intraday range vs. the Japanese yen, driving USD/JPY to the 107.50/60 band.

USD/JPY focus on US docket

Spot remains well supported by the ongoing USD strength ahead of the US data releases: the weekly report on Initial Claims (282K exp.) and the manufacturing PMI gauged by Markit (57.0 exp.). In the Japanese data front Foreign Bond Investment dropped almost ¥1.17 billion in the week ended on October 17th while the manufacturing PMI tracked by Nomura/JMMA advanced to 52.8 (October preliminary). “Despite improving upward momentum, the current USD strength is not expected to move above the strong resistant at 107.50/55. However, only a break back below 106.80 would indicate that the immediate upward pressure has eased”, signalled analysts at UOB Group.

USD/JPY important levels

The pair is now up 0.40% at 107.57 facing the next up barrier at 107.92 (21-d MA) followed by 108.15 (high Oct.10) and then 108.32 (high Oct.9). On the flip side, a breakdown of 107.11 (low Oct.23) would target 106.78 (low Oct.22) en route to 106.42 (Tenkan Sen).

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