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Forex: USD/JPY above 98.00 again

FXstreet.com (Barcelona) - After first batch of better than expected data for Japan including unemployment figures and household spending, that jumped to +5.2% year on year from previous +0.8%, biggest increase sin year 2004, then came worse than expected retail sales and industrial production, taking USD/JPY above 98 round, last at 98.06, off recent session highs at 98.12. Nikkei index is down -0.4% for the day, after being closed for its 3-day weekend.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “The hourly chart shows 100 SMA crossing 200 one around 98.80, now latest daily resistance, while indicators turn flat around their midlines,” the analyst says, adding: “Clear break below 97.20 is now required to confirm a bearish extension, although the pair may maintain the range until upcoming Central Banks decisions and US employment figures, later this week,” she suggests.

Valeria sees support levels at: 97.50, 97.20 and 96.80, while resistance levels at: 98.20, 98.60 and 99.10.

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