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USD/JPY supported at 113.20

FXStreet (Edinburgh) - After a brief knee-jerk to the vicinity of 113.20, USD/JPY is now on its way to the 113.60/65 band on Tuesday.

USD/JPY capped above 114.00

The pair is coming lower from Monday’s multi-year tops in the 114.20 region, as Japanese markets return to the normal activity after yesterday’s holiday. Data wise, the manufacturing PMI gauged by Nomura/JMMA climbed to 52.4 during October, surpassing September’s print at 51.7 albeit slightly below expectations at 52.8. Ahead in the session, US Factory Orders and Trade Balance figures will be in the spotlight, ahead of Kuroda’s speech tomorrow. In the opinion of Lee Hardman, Currency Analyst at BTMU, “We still expect the yen to weaken further against the US dollar driven mainly by the unprecedented scale of BoJ monetary easing, although remain cautious over the scope for further USD/JPY upside given that the yen is already significantly undervalued which may help dampen further weakness”.

USD/JPY levels to watch

At the moment the pair is retreating 0.14% at 113.61 with the next support at 113.28 (low Nov.4) ahead of 112.42 (low Nov.3) and finally the psychological level at 112.00. On the upside, a breakout of 114.21 (2014 high Nov.3) would open the door to 114.66 (high Dec.27 2007) and then 114.79 (high Nov.6 2007).

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