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USD/JPY treading water above 123.00

FXStreet (Edinburgh) - The greenback keeps its upbeat tone vs. the Japanese currency at the beginning of the week, with USD/JPY navigating the low-123.00s for the time being.

USD/JPY muted post-US data

The pair kept the composure after the Chicago Fed National Activity Index missed expectations during October, coming in at -0.04 vs. 0.08 expected and down from September’s -0.29.

Due to the inactivity in the Japanese markets, the USD-dynamics will remain the exclusive driver behind today’s price action. Ahead in the session, the preliminary print of the manufacturing PMI tracked by Markit is due followed by Existing Home Sales during last month.

USD/JPY levels to consider

At the moment the pair is gaining 0.22% at 123.16 with the next resistance at 123.69 (high Nov.18) followed by 124.58 (high Jul.30) and finally 125.29 (high Aug.12). On the other hand, a breakdown of 122.20 (low Nov.16) would aim for 121.76 (100-day sma) and then 120.87 (50% Fibo of 125.28-116.46).

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