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USD/JPY challenges 109.00

FXStreet (Edinburgh) - The greenback is now losing the grip vs. its Japanese counterpart on Thursday, with USD/JPY putting the key support at 109.00 to the test.

USD/JPY focus on US data, Yellen

After hitting 3-week highs near 109.30 in early trade, spot is now giving away some gains and returning to the 109.00 neighbourhood. Ahead in the day, the US docket will take centre stage once again, with the GDP Annualized and Yellen’s speech as the main events. Other data releases will be the weekly report on the labour market and inflation figures tracked by the PCE. “The sharp rally overnight appears to be over-extended and further sustained up-move is unlikely. Allow for a test of 109.00/05 but this will likely lead to a pull-back towards 108.55/60”, suggested Quek Ser Leang, Market Strategist at UOB Group.

USD/JPY levels to watch

As of writing the pair is up 0.10% at 109.00 facing the next resistance at 109.85 (high Oct.6) ahead of 109.91 (high Oct.3) and finally 110.09 (2014 high Oct.1). On the flip side, a breakdown of 108,75 (low Oct.30) would aim for 107.94 (low Oct.29) and then 107.71 (Tenkan Sen).

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