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USD/JPY wobbling around 109.00

FXStreet (Edinburgh) - USD/JPY is sidelining around the 109.00 handle on Thursday, keeping the trade between 108.80 and 109.40 so far.

USD/JPY looks to Japanese CPI

Spot remained practically indifferent to the improvement of the US GDP during Q3, expanding above forecasts 3.5% on a yearly basis. Instead, market participants are now focusing on the critical inflation figures in Japan, due tonight. Consensus expect the key National CPI Ex-Fresh Food to rise at an annual pace of 3.0% in September, a tad lower than August’s 3.1% advance. Robert Rennie, Strategist at Westpac, suggested, “We… hold a buy bias for another week but remain unconvinced that USD/JPY will drop much below 107”.

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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