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USD/JPY now testing 108.00

FXStreet (Edinburgh) - The greenback is now losing the grip vs. the yen, dragging USD/JPY back to test the key support at 108.00.

USD/JPY looks to US data

Spot is looking to challenge session lows in the 107.90/85 band amidst the current correction lower in the US dollar. However, the USD will remain in the focus of attention in light of the release of New Home Sales in the US economy. Consensus expects sales to have eased to 0.470 M inter-month in September. Analysts at BTMU remain neutral on the pair, adding, “US yields will likely remain close to recent lows helping to dampen further upside for USD/JPY in the near-term and discouraging capital outflows from Japan”.

USD/JPY key levels

At the moment the pair is down 0.30% at 107.94 with the next support at 107.64 (Kijun Sen) followed by 107.11 (low Oct.23) and then 106.78 (low Oct.22). On the upside, a breakout of 108.36 (high Oct.23) would expose 108.74 (high Oct.8) and finally 109.08 (61.8% of 109.91-107.75).

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