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USD/JPY testing the downside on Tokyo open

FXStreet (Guatemala) - USD/JPY is trading at 117.81, down -0.12% on the day, having posted a daily high at 118.01 and low at 117.74.

USD/JPY is testing the downside through 117.80 support on the open of Tokyo. Nothing new here, as the pair has been moving within this range overnight between 117.70/80 and 118.00 in the main after dropping and moving into a drift to the downside from a high of 118.30.

To the downside, should it persist, Karen Jones, chief analyst at Commerzbank, explained that nearby support is offered by the accelerated support line at 117.36 – while this holds further upside probes remain viable. “Below would signal a slide to the 115.45 17th November low being seen, and possibly the 113.86 10th November low be back in focus. While it holds, pressure remains on the topside”.

Up ahead, the US data will come in thick ahead of the US thanksgiving holidays that may prove to be a quiet end to the month. So a last flurry of business maybe the theme ahead today in the European and US session with month end flows.

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