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Forex: USD/JPY below 98 on disappointing flows data

FXstreet.com (Barcelona) - As Nikkei index just opened in Tokyo down -0.9% still above the 13200 points, few minutes after Japan trade balance and other several data that has been released, USD/JPY is currently breaking below the 98 handle, printing fresh session lows. The pair is down -0.44% for the week so far, retracing from recent session highs at 98.28.

Among the data published, “The flow of funds last week failed to show Japanese investors sending yen offshore as expected,” said ForexLive editor Eamonn Sheridan, adding: “The data this week is again showing Japanese investors not net buying foreign stocks and bonds.” USD/JPY is printing fresh session lows at 97.88 while writing, and Nikkei is down -1.11%.

Immediate support to the downside for USD/JPY lies at April 07 lows 97.50, followed by yesterday's lows at 97.20, and April 04 highs at 96.45. To the upside, closest resistance shows at recent session highs 98.30, followed by yesterday's highs at 98.42, and April 10 lows at 98.90.

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