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Forex pairs in this Article » USD/JPY (Chicago) - USD/JPY evidences trendless price action at Tokyo’s opening and after the release of Japanese data.

Perspective, data

Price action reveals a very strong plunge suffered on Thursday after the release of mixed US results. According to Jim Langlands from FXcharts, “Usd/Jpy, having done nothing for the previous few sessions has blown both sides of the market away today by firstly spiking higher to 99.40, before collapsing to a low of 97.60 once traders noticed that the strong US GDP figure was due, in part, to huge inventory building. Consumer spending softened which did not help the dollar which has finished the NY session at close to 98.00.” He also added “The short term oscillators are pointing sharply lower, although the dailies are offering little hint in either direction, so I suspect that we are in for another choppy ride, without going anywhere too far in either direction. I would be square ahead of the NF.” The most recent data released in Japan indicated an increase of foreign investment in Japanese stocks at 247.9B vs. past -7.9B and a decrease in foreign bong investments in the country with current results at 276.6B vs. 1031.1B.

USD/JPY Technical Levels

Technically speaking, the pair is offered at 98.15 and oscillates between the supports aligned at 98 (October 31st lows), 97.61 (October 24th highs) ahead of 97.16 (October 22nd lows) and the resistances aligned at 98.47 (October 22nd highs), 98.70 (November 6th highs) followed by 99 (October 16th highs).
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