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USD/JPY tests 108.00 line; looking for 108.50?

FXStreet (San Francisco) - The US Dollar extended gains versus the Japanese Yen and after climbing 60 pips from 107.40 in the last couple of hours, the pair is now testing the 108.00 area.

Investors are trading in risk appetite mode amid better than expected economic data in the Eurozone and the United States. However, manufacturing PMI recently published a decline to 56.2 points in October from 57.5 in September; lower than 57.0 expected and lowest number since July.

Currently, USD/JPY is trading at 107.88, up 0.69% on the day, having posted a daily high at 108.03 and low at 107.10. USD/JPY spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.

USD/JPY sentiment

The "1 hour chart showing 100 SMA crossing above 200 one and indicators heading higher in positive territory," comments Valeria Bednarik from FXStreet. In the 4 hours chart, "technical readings also present a positive tone, with next resistance now at the 108.00 figure."

Bednarik points out that "a break above won’t see much resistance until the 108.50 price zone." To the downside, supports are at 107.60, 107.35 and 107.10.

EUR/CHF (a)pathetic around 1.2060

EUR/CHF is slowly inching higher on Thursday, although the 1.2070 level seems too tough a barrier so far.
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