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17 Dec 2013
USD/JPY oscillates around 103.00
FXstreet.com (Córdoba) - The USD/JPY extended its lethargic trade into another session Tuesday as caution mood prevails ahead of Wednesday's Fed decision.
The USD/JPY entered into a consolidation phase in a tight range within 102.85/103.15 after the pullback from a 5-year high of 103.92 was contained by 102.64 yesterday. The USD/JPY is currently trading at the 102.95 zone, a few pips below its opening price. LAter during the NY session, the US will release November CPI, current account and NAHB housing market figures.
USD/JPY technical outlook
"The uptrend here is absolutely intact, with 103.95 serving as a key resistance to the upside. A success there will pave the way to 105.10", said Stoyan Mihaylov, analyst at DeltaStock.com. "Any correction should be limited to the 102.10 support zone".
The USD/JPY entered into a consolidation phase in a tight range within 102.85/103.15 after the pullback from a 5-year high of 103.92 was contained by 102.64 yesterday. The USD/JPY is currently trading at the 102.95 zone, a few pips below its opening price. LAter during the NY session, the US will release November CPI, current account and NAHB housing market figures.
USD/JPY technical outlook
"The uptrend here is absolutely intact, with 103.95 serving as a key resistance to the upside. A success there will pave the way to 105.10", said Stoyan Mihaylov, analyst at DeltaStock.com. "Any correction should be limited to the 102.10 support zone".