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USD/JPY Plunges Through Key Support

DOLLAR-YEN

USD/JPY slid to fresh Oct lows on Wednesday as the greenback was dumped amid optimistic mood music surrounding fiscal talks between U.S. House Democrats & the White House. Support from Oct 2 low of Y104.94 gave way in the process, allowing the pair to extend losses.

  • U.S. Sec of State Pompeo signalled that the U.S. has entered talks with Japan on sharing the costs of American military presence in the East Asian nation. The current agreement is due to expire in March.
  • USD/JPY trades at Y104.57, just shy of neutral levels. A breach of Oct 21 low of Y104.34 would open up the lower 3.0% 10-DMA envelope at Y104.20. Conversely, a jump above Oct 4 low of Y105.04 would turn focus to the 50-DMA at Y105.64.
  • Japanese national CPI & flash Jibun Bank PMIs are due tomorrow.
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