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Forex: USD/JPY bounces after retesting lower 97.00 ground

FXstreet.com (Barcelona) - The USD/JPY retried the 97.00 ground in today’s Asian morning, coming as low as 97.06, little above yesterday’s low of 97.02. Then, the pair erased its losses throughout the session and is just below flat ahead of the European opening. Labor Day should keep the market low in volumes, but many won’t miss the chance of trading the FOMC policy decision later at 18:00 GMT, as well as the ADP employment and ISM manufacturing PMI at 14:00 GMT.

“For the ADP we’re looking for a reading of 160K, essentially on top of the actual outcome for March (158K), but slightly higher than consensus of 150K. For the ISM we see a slight downside risk and are looking for an outcome of 50.4 (mkt 50.7), which would leave the ISM at its lowest level since November 2012”, wrote TD Securities analyst Annette Beacher, expecting a shift to an easing bias on the FOMC meeting due to the rising uncertainty about the impact of fiscal austerity on growth and further moderation in core inflationary pressures.

“Dips lower should find support now at 96.71 (March high), 95.67/55 (16th April low). Key support remains trend and cloud support at 95.22/94.40 and we look for this to hold the downside and provoke recovery”, wrote Commerzbank analyst Karen Jones.

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