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USD/JPY testing 114.00

FXStreet (Edinburgh) - The US dollar extends its offered tone after the start of the European session on Monday, dragging USD/JPY back to the boundaries of 114.00 the figure.

USD/JPY back from multi-year peaks

Spot is now putting the critical 114.00 handle to the test, retracing part of the recent steep ascent after hitting multi-year tops beyond 115.50 last week, following the recent disappointment from US Payrolls. In the data front, the Fed’s Labour Market Conditions Index is due today ahead of the critical trade balance figures in the Japanese economy early in Tuesday’s Asian session. In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “USD/JPY’s new high of 115.60 has not been confirmed and caution is warranted - the market has been underpinned by the cloud on the 60 minute chart, which has now been eroded, pointing to a potential 112.00 retracement”.

USD/JPY levels to consider

As of writing the pair is losing 0.49% at 114.06 and a breakdown of 113.86 (low Nov.10) would expose 113.42 (low Nov.5) and then 113.15 (low Nov.4). On the upside, the initial hurdle aligns at 114.57 (high Nov.10) ahead of 115.52 (high Nov.6) and 115.61 (2014 high Nov.7).

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