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USD/JPY retreats from highs

FXStreet (Edinburgh) - The greenback is now losing the grip vs. the Japanese yen, dragging USD/JPY back to the mid-115.00s from earlier peaks near 115.90.

USD/JPY capped by 116.00

The Japanese currency keeps depreciating against its American counterpart despite the auspicious results from the key Machinery Orders, advancing 2.9% MoM in September, Capacity Utilization, up 3.6% and Industrial Production, expanding 2.9% inter-month. Further data showed that Foreign Bond Investment expanded to ¥1,123.9 billion in the week ended on November 7th, surpassing the previous week’s ¥806.6 billion. Increasing speculations regarding the likeliness of the Japanese government to delay the implementation of the sales tax hike keep weighing on the JPY, offsetting the positive docket.

USD/JPY levels to watch

The pair is now losing 0.06% at 115.52 with the next support at 115.43 (low Nov.13) followed by 114.89 (low Nov.12) and then 114.72 (61.8% of 113.86-116.11). On the flip side, a breakout of 116.01 (high Nov.12) would target 116.11 (2014 high Nov.11) en route to 116.70 (high Oct.18 2007).

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