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USD/JPY bounces off lows, back to 120.70

FXStreet (Edinburgh) - The Japanese yen is trading almost unchanged vs. its American counterpart on Tuesday, with USD/JPY trimming losses towards the 120.70/75 band.

USD/JPY focus on US docket

The attention of the pair will shift towards the US docket today, as the inactivity in the Japanese markets will relegate volatility to minimum levels during the first half the session. Factory Orders will then take centre stage, with prior surveys expecting orders to have contracted 0.9% MoM during September, bettering the previous 1.7% contraction.

On the Japanese side, it will be a flat week data wise, with Governor Kuroda’s speech being the main highlight towards the end of the week.

USD/JPY levels to consider

At the moment the pair is retreating 0.02% at 120.72 with the next support at 120.16 (55-day sma) ahead of 119.84 (38.2% Fibo of 125.28-116.46) and then 118.68 (2-month uptrend). On the other hand, a breakout of 121.10 (200-day sma) would open the door to 121.75 (100-day sma) and finally 121.91 (61.8% Fibo of 125.28-116.46).

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