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USD/JPY retraces the dip, keeps the highs

FXStreet (Edinburgh) - Very good performance of the greenback since the Asian close, pushing USD/JPY back to the upper 117.00s after bottoming out near 117.20.

USD/JPY focus on Japanese docket

The pair managed to leave behind weekly lows, looking to recover the interim critical barrier at 118.00 in light of the key releases in the Land of the Rising Sun due tomorrow: the National CPI Ex-Fresh Food is expected to have risen 2.9% on a year to October, slightly lower than the 3.0% previous; the jobless rate would stay put at 3.6% while an annual contraction of 0.6% is expected in the Industrial Production. In the view of Sean Callow, Strategist at Westpac, “We have turned to a neutral bias on the week but still see scope for gains over the one month and three month horizons”.

USD/JPY levels to consider

As of writing the pair is now gaining 0.02% at 117.76 and a break above 117.98 (high Nov.26) would open the door to 118.59 (high Nov.25) ahead of 118.98 (2014 high Nov.20). On the flip side, the immediate support aligns at 117.22 (Tenkan Sen) ahead of 117.00 (psychological level) and finally 116.81 (low Nov.19).

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