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USD/JPY up and down she goes

FXStreet (Edinburgh) - The US dollar has now reverted the promising start on Tuesday, with USD/JPY returning to the 115.30/20 band.

USD/JPY back from multi-year highs

The bid sentiment around the greenback at the beginning of the trading session pushed spot to print fresh peaks just below 116.20, levels last seen in October 2007. However, as the session progressed, the US dollar lost its initial vigour, sparking a correction lower soon after posting multi-year tops, returning to current levels. Looking ahead, the key Tertiary Industry index is due in the Japanese economy, with consensus expecting a monthly expansion of 0.9% during September. In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Key support is the 110.67 August 2008 high and the accelerated uptrend at 110.46 – while this holds pressure remains on the topside. Above 115.52, we have a cloud on the quarterly chart and Fibonacci extension to 116.07/10, then there is very little until the 120 level”.

USD/JPY key levels

The pair is now up 0.36% at 115.26 with the next resistance at 116.11 (2014 high Nov.11) followed by 116.70 (high Oct.18 2007) ahead of 117.20 (high Oct.17 207). On the flip side, a break below 114.63 (low Nov.11) would expose 113.86 (low Nov.10) and finally 113.42 (low Nov.5).

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