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USD/JPY crumbles to 100.31/34 after personal spending in US

FXstreet.com (Barcelona) - The USD/JPY has weakened Friday, as the mounting pressures against the USD continue during US trading.

Following a break below the 100.54 support, Mataf.net analysts identify the next short-term supports at 99.83, ahead of 99.2. On the ascension, short-term resistances for the USD/JPY at 101.88, then 102.51, and finally 103.22

In the United States, Personal Spending (April) fell -0.2%, against expectations of +0.1%. In addition, Core Personal Consumption Expenditure – Price Index (YoY) climbed +1.1% in April, vs. projections of +1.0%. Finally, Personal Income (MoM) was reported at 0.0% in April, against estimates of +0.1%.

At the time of writing, the pair is operating at 100.31/34, notching a sizable decline of -0.39% Friday. According to the Technical Analyst team at ICN.com, “The USD/JPY’s attempt to the upside yesterday remained limited below 102.00 bringing negativity back, and today we find the possibility of extending the intraday downside move valid especially that the pair is trading below 101.70. Breaching 102.00 still represent a catalyst failing the intraday negative expectations.”

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