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Forex pairs in this Article » USD/JPY (Barcelona) - USD/JPY posted a high since 2008 at 103.92 in early London trading, before retracing its position to where it is presently trading, close to the daily low at 103.17.

USD/JPY extends decline following soft US PPI numbers

US PPI data has come in softer than expected at 0.7% YoY against forecasts of 0.8%, -0.1% MoM against 0.0% expected, in line for MoM ex Food and Energy, but 1.3% on 1.4% forecasts for YoY equivalent. The news is hardly high impact, but represents the only US data of the day and the finish to the calendar for the week. USD/JPY found support at Tuesday’s high at 103.41 in its initial pull back from the multi year high, and looked to bounce on news of a record size budget, at JPY73 Trillion.

What are today’s key USD/JPY technicals?

Hourly RSI sits at 44, moving with a bearish momentum, and ADX is following suit at 38. The proprietary tools, the OB/OS Index and the Trend Index are neutral and slightly bearish respectively. The 200 SMA sits at 102.72, with an upward slope while the daily 20 EMA is positioned at 101.81 and heading higher too. Looking ahead, the range between 102.87-53 could offer support, with several technical levels clustered. Matt Bacon-Hall of FXBeat comments that around “103.10-00, there are option related bids, ahead of Leveraged account bids around 102.80-70.”
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