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Forex pairs in this Article » USD/JPY (Barcelona) - Having failed to get back above 100.00 overnight, USD/JPY dropped to post a low at 99.57, before a slight recovery lost momentum, leaving spot trading at 99.68, down -0.24%.

USD/JPY declined spurred by Yen buy on Nikkei support break

Overnight, the Nikkei broke intraday support, strengthening JPY in the early Asian session. The move was preceded by pro Taper commentary from the Fed's Dudley which lead to a sell off in US Equities. Matt Bacon-Hall of FXBeat noted overnight that the pair held first support at 99.50, where “decent corporate bids were found.” Calendar wise, the Japanese Leading Economic Index (Sep) came in at 109.2 against 106.8 previous, and the Coincident Index (Sep) beat previous too at 108.4/107.6.

What are today’s key USD/JPY levels and patterns?

The central pivot point is located at 100.0395. Pivot supports for this pair are to be found at 99.6690 (S1), 99.4180 (S2) and 99.0475 (S3). Ahead, daily pivot resistances for this pair are to be found at 100.2905 (R1), 100.6610 (R2) and 100.9120 (R3). Special attention should be paid to the price range 99.74-100.08 where several technical levels are confluent today. A Dark Cloud Cover Candlestick pattern is detected on the one day chart.
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