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USD/JPY testing highs near 102.70

FXStreet (Edinburgh) - The greenback is now intensifying its appreciation vs. the Japanese currency, pushing the USD/JPY to fresh highs near 102.70

USD/JPY in 2-week tops

The Japanese yen keeps losing the grip despite today’s improvements from the Leading Economic index and Machine Tool Orders figures. Focus is now on US CPI for the month of July (2.0% YoY exp.), Building Permits and Housing Starts. According to Quek Ser Leang, Market Strategist at UOB Group, “Against our expectations, USD rallied without testing the 102.00 support. The upward momentum is picking up and the current rally appears to be strong enough to take out the strong resistant at 102.70. Expect the support at 102.45 to hold for a move towards 102.85”.

USD/JPY relevant levels

As of writing the pair is up 0.10% at 102.67 with the next resistance at 102.93 (high Aug.5) followed by 103.05 (high Aug.1) and finally 103.15 (high Jul.30). On the downside, a break below 102.20 (low Aug.18) would aim for 102.13 (low Aug.15) and then 102.12 (Kijun-Sen).

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