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USD keeps failing to rally on positive data

FXStreet (Bali) - Thursday's FX trading left again further revealing signs that market participants remain reluctant to join follow-through moves in the US Dollar, a sign that positions remain still over-stretched.

Not only we had yesterday's data out of the US strong enough to provide a reason for the USD to rally (failed), but last 2 Friday's we also saw negative reversals in the USD even on a decent NFP - whisper number much higher was blamed -, and upbeat US Retail Sales.

While the market may enter a period of corrective moves in the USD, it is worth remembering that the broad trend remains firmly bullish, thus the deeper the USD setbacks get, the greater the opportunity is to be perceived once the market decides to resume the USD trend, especially against EUR and JPY, with an obvious CB policy divergence still in play.

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USD/JPY is trading at 118.15, up 0.13% on the day, having posted a daily high at 118.38 and low at 118.00.
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