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USD/JPY consolidates below 120.00

FXStreet (Córdoba) - USD/JPY extended gains to fresh 8-day highs as the dollar picked up momentum across the board following upbeat US housing data, although it faltered a few pips shy of the 120.00 level.

USD/JPY erased early losses and reached a peak of 119.95 after climbing more than half a cent from daily lows. However, the pair lacked momentum to clear the psychological level and settled just below. At time of writing, USD/JPY is trading at 119.85, recording a 0.17% gain on the day.

USD/JPY technical levels


On the upside, if USD/JPY breaks decisively above 119.95/120.00, next resistances are seen at 120.16 (Apr 14 high) and 120.83 (Apr 13 high). On the flip side, supports could be found at 119.34/28 (daily low/100-day SMA), 119.15 (Apr 21 low) and 119.00 (psychological level).

Greenback in focus and core shifts - Scotiabank

Camilla Sutton, chief currency strategist at Scotiabank explained that the broader trend in the USD remains higher; however the story has shifted to a more balanced outlook and this shift continues today.
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EUR/USD consolidates above 1.0700

EUR/USD pulled back sharply from 1.0800 but so far it has been able to hold above 1.0700.
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