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USD/JPY drops to key Fib support, bearish break on charts

FXStreet (Mumbai) - The USD/JPY pair suffered a bearish break from the triangular consolidation pattern on the daily chart and is heading towards key Fib expansion support of 118.36 levels.

Rejected at 119.17

The spot ran into offers at 119.17 levels earlier today and resumed the sell-off that began in the NY session yesterday after the release of the US advance retail sales report. Moreover, the Treasury yields dropped along with Fed rate hike bets courtesy of which the USD is getting smoked across the board.

The sell-off may intensify further in case the US monthly CPI prints due later today prints in the negative territory.

USD/JPY Technical Levels

At 118.40, the immediate support is seen at 118.35 (127.2% of Jun high-Jul low-Aug high), under which 118.00 handle would be exposed. A break below the same could push the spot lower to 117.02 (Feb 5 low). On the other hand, resistance is seen at 119.00 and 119.17 levels, followed by a major hurdle at 119.53 (triangle resistance).

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