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USD/JPY digs deeper towards 119.30

FXStreet (Edinburgh) - The greenback continues to give away ground vs. the Japanese yen in the second half of the week, now dragging USD/JPY to fresh daily lows in the 119.45/40 band.

USD/JPY down from 120.50

The pair continues to navigate session lows in the mid-119.00s after surrendering roughly a big figure since overnight tops around 120.50. The move lower in the dollar has been justified on the lack of support from US Treasuries in today’s session, with the 2-year benchmark dropping more than 4%.

Poor results from US Durable Goods Orders and the Activity index tracked by the Chicago Fed have failed to support the dollar, adding to the downbeat sentiment.

Later in the Asian session, key inflation figures in the Japanese economy are due, with consensus expecting the National CPI Ex-Fresh Food to have contracted 0.2% on a year to September.

USD/JPY levels to watch

As of writing the pair is losing 0.72% at 119.32 and a breakdown of 118.87 (low Sep.8) would open target 118.58 (low Sep.4) and finally 116.16 (low Aug.24). On the flip side, the immediate u barrier lines up at 120.40 (high Sep.24) followed by 120.72 (high Sep.16) and then 120.99 (high Sep.17).

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