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USD/JPY sidelined below 108.00

FXStreet (Edinburgh) - The greenback is now looking to break above the consolidation pattern around 107.90, keeping USD/JPY trading in sub0-108.00 levels.

USD/JPY focus on US docket

Spot keeps the very narrow range on Tuesday, although the 108.00 band still remains unconquered. Results from the Japanese calendar showed Retail Trade expanded at an annual pace of 2.3%, surpassing both estimates and August’s print. In the meantime, the 2-day FOMC meeting will start today and is expected to announce the end of the QE3 programme tomorrow. “The outlook for this pair remains mixed and further sideway trading is likely albeit at a lower range. Expected range for today; 107.55/108.10”, suggested strategists at UOB Group.

USD/JPY levels to watch

The pair is now advancing 0.09% at 107.91 with the next resistance at 108.38 (high Oct.27) ahead of 108.74 (high Oct.8) and then 109.09 (76.4% of 110.09-105.20). On the downside, a break below 107.64 (Kijun Sen) would open the door to 107.61 (low Oct.27) and finally 107.39 (high Oct.20).

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