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USD/JPY hits fresh lows

FXStreet (Córdoba) - USD/JPY broke below 117.60 and fell to 117.42, hitting the lowest level in almost a week, weakened by US economic data and by a decline in US government bonds.

The latest round of economic data included pending home sales in october that dropped 1.1%, analysts expected an increase of 0.5% and the Reuter’s / University of Michigan consumer sentiment index for november that fell from a preliminary reading of 89.4 to 88.8.

USD/JPY losing the 118.00 handle

The pair moved slightly off session lows and currently trades at 117.60, but is still facing pressure. The recent slide found support above 117.30/35, where Friday’s low lie. The mentioned level is an important short term support, followed by 117.00/05 (Nov 17, 18 high). For the first time in a week price has been unable to trade above 118.00 during the day.

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