USD/JPY remains near 133.50

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Source: Dukascopy Bank SA


Despite piercing the weekly S1 simple pivot point and declining to almost 133.00, the USD/JPY recovered on Wednesday. In general, the rate appears to be consolidating in a range between 133.00 and 134.00, as it expects more US financial data.

The US Advance GDP on Thursday at 12:30 GMT, the US Core PCE Price Inflation at 12:30 GMT on Friday and the next week's Federal Reserve Rate hike are bound to set the tone.

From a technical analysis perspective, the pair's decline would have to pass below the 133.00 level, before approaching the weekly S2 simple pivot point at 132.67 and the 132.50 level.

However, a potential recovery of the US Dollar against the Japanese Yen, would have to break the 133.90/133.95 range and the 134.00 mark. Higher above, note the 200-hour SMA near 131.20 and the weekly simple pivot point at 134.25.
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