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USD/JPY bounces off lows

FXStreet (Edinburgh) - After dipping to the 119.40 band, USD/JPY is now managing to clinch the area around 119.60.

USD/JPY lower on data, yields

The pair reacted adversely after both the US ADP report and the critical ISM Manufacturing missed expectations during last month. The knee jerk in Treasuries removed the initial tailwinds from the greenback, sparking a moderate leg lower towards 119.60.

Moving forward Thursday’s calendar, Japanese Foreign Bond Investment and Monetary Base are due ahead of US Initial Claims, Trade Balance and Factory Orders.

USD/JPY levels to watch

As of writing the pair is losing 0.48% at 119.53 with the immediate support at 119.42 (low Apr.1) ahead of 119.11 (low Mar.30) and then 119.00 (psychological level). On the upside, a breakout of 120.37 (high Mar.31) would open the door to 121.00 (psychological level) and finally 121.20 (high Mar.20).

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According to Ian Gordon, FX Strategist at BofA-Merrill Lynch, the continued push of policy and rate divergence in USD’s favour implies that the recent dollar selloff has been shallow.
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EUR mixed outlook in the short term – Scotiabank

Chief FX Strategist at Scotiabank Camilla Sutton reiterated the mixed stance in the single currency...
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