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USD/JPY steady after US trade balance

FXStreet (Córdoba) - USD/JPY consolidates below 114.00 taking a breather following a steep rally that took the pair to a fresh 7-year high, having barely reacted to US trade balance data which came slightly below expectations.

USD/JPY pulled back from the 104.20 area but the correction was contained by the 113.15 zone, giving way to a quieter phase over the last hours. The dollar was barely affected by trade data, which showed the trade deficit widened to 43.03 billion in September as exports fell 1.5%, posting the biggest decline since February.

USD/JPY technical levels

At time of writing, USD/JPY is trading at 103.40, still 0.60% below its opening price. In terms of technical levels, next resistances are seen at 104.05 (daily high), 104.20 (2014 high Nov 3) and 114.66 (Dec 27 2007 high). On the flip side, supports could be found at 113.16 (daily low), 113.00 (psychological level) and 112.56 (Nov 3 low).

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