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USD/JPY retakes 119.50

FXStreet (Mumbai) - The US dollar fought back more than half its slide versus the yen, driving USD/JPY back near 119.50 levels, largely as the US dollar stalled its downslide and backed-off lows as markets now turn their focus towards today’s US durable goods data for further direction.

USD/JPY rises from fresh three-day lows at 119.16

Currently, the USD/JPY pair trades flat at 119.53, bouncing-off a brief dip to lows below 100-DMA. The USD/JPY pair erases most losses as traders resorted to profit-taking on their USD shorts after the pair almost reached 119 barrier. The US dollar remains in red across the board, however retreated from fresh two week lows.

The US dollar index which measures the relative strength of the greenback against a basket of six major currencies fell to fresh session lows at 96.93 and now trades at 97.08 , down -0.36% on the day.

Meanwhile, durable goods orders from the US are likely to attract traders as the key data may provide fresh take on dollar moves.

USD/JPY Technical Levels

To the upside, the next resistance is located at 120 (50-DMA) levels and above which it could extend gains 120.45 (April 7 High) levels. To the downside immediate support might be located at 119.14 (April 22 Low) below that at 118.77 (April 16 Low) levels.

German Ifo shows unstoppable optimism - ING

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Outlook for FX majors – Littlefish FX

Analysts at Littlefish FX, give the outlook and key levels for FX majors, viewing 1.5130/60 and 1.09 as key for GBP/USD and EUR/USD to see upside resumption.
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