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USD/JPY rebounds from 117.40

FXStreet (Edinburgh) - The US dollar is now extending the bounce off session lows vs. its Japanese counterpart, pushing USD/JPY back around the 117.70 area.

USD/JPY focus on CPI

There are no scheduled data in the US economy for the rest of the week, including tomorrow’s inactivity in the US markets due to the Thanksgiving Day holiday. Market participants will thus focus their interest on the critical inflation figures in the Japanese economy, due on Friday. Consensus expects the key National CPI Ex-Fresh Food to have risen at an annual pace of 2.9% during November, a tad lower than the previous 3.0% increase. Other significant releases will include the unemployment rate (3.6% exp.), Industrial Production and Housing Starts. Dmytro Bondar, Technical Analyst at RBS, noted, “the long-term view is still USD favourable towards 121.00 and above”.

USD/JPY levels to watch

As of writing the pair is down 0.24% at 117.66 with the next support at 117.58 (low Nov.24) ahead of 117.36 (low Nov.21) and then 117.00 (psychological level). On the flip side, a breakout of 117.98 (high Nov.26) would target 118.59 (high Nov.25) en route to 118.98 (2014 high Nov.20).

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