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USD/JPY breaks lower to 114.30

FXStreet (Edinburgh) - The US dollar is intensifying its decline vs. the Japanese yen at the end of the week, dragging USD/JPY to session lows near 114.30

USD/JPY up and down she goes

It seems traders are cashing up some of the recent profits, and the lower than expected figures from the US Payrolls (214K) seem to be the right excuse. All in all, spot is down over a big-figure at the end of the NA session, dropping from multi-year peaks near 115.60 in the European afternoon to current lows in the 114.40/30 band. “USDJPY is clearly overbought, with an RSI at 81, however this is likely to warn simply of a brief pause in the upward trend as oppose to a reversal. The next level of resistance is 116.00 with support at 114.05”, suggested Camilla Sutton, Chief FX Strategist at Scotiabank.

USD/JPY levels to watch

As of writing the pair is retreating 0.72% at 114.34 and a breakdown of 114.06 (low Nov.6) would expose 113.42 (low Nov.5) and then 113.15 (low Nov.4). On the upside, the initial hurdle lines up at 115.23 (hourly high Nov.7) ahead of 115.52 (2014 high Nov.7) and finally 116.00 (psychological level).

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