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Forex: USD/JPY pressured, approaching daily low

FXstreet.com (Barcelona) - The USD/JPY corrective movement from the 99.94 high printed on Thursday extended to as low as 97.56 during the Asian morning and regained the 98.00 ground as the European trading started. However, as the European morning ended, the market became heavier and forced a move below the 98.00 handle. At the moment of writing, the pair is down at 97.66, heading towards the daily low.

Ahead, NY empire state manufacturing index, TIC flows and NAHB housing market index will be priced in. “The Empire manufacturing index provides the first glimpse of April manufacturing surveys. Markets are looking for a 2pt deterioration to 7.0, with TD slightly more pessimistic at 3.0”, wrote TD Securities analyst Annette Beacher.

Japan February industrial production was down from -5.8% to -10.5% and capacity utilization fell from 1.7% to 0.7%. However, the monthly change in industrial production came in higher than expected, at 0.6% instead of -0.1%.

“The break through 98.70 signals that the test of 100.00 sentiment area has failed and the pair entered a consolidation pattern towards 96.60-95.70. The outlook here is negative for 97.20, en route to 95.70 and every rebound should be limited below 98.70 resistance area”, wrote Deltastock.com analyst Stoyan Mihaylov.

Forex: USD/CHF tests European session low, at 0.9286

As the European morning comes to an end and the market prepares for the NY opening, investors found the USD/CHF to be too expensive above the 0.9300 ground (0.9314 high printed earlier) and is testing the current European shift low, at 0.9286. Ahead, NY empire state manufacturing index, TIC flows and NAHB housing market index will be priced in.
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Forex Flash: Australia strategy profile – Westpac

“Given the BoJ/Fed wall of money, the Aussie had a great chance last week to take out the January highs around 1.0600 but it is hard to ignore the slide in base and precious metals prices, increased pricing for RBA easing and the deflating China GDP report. This leaves AUD finding buyers with a 1.0300 handle but failing in the mid-1.05s.” writes Global FX Strategist Sean Callow at Westpac.
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