- The yen is among the top performers even as Wall Street maintains gains.
- Data from the United States: Mixed PPI and an unexpected drop in consumer confidence.
The USD/JPY it continued to decline during the US session and fell to 104.60, reaching the lowest level since Monday. At time of writing, it is trading near the lows, losing ground for the second day in a row, but remains positive for the week.
Falling US yields weighed on the US dollar on Friday. The yen strengthened despite rising stock prices on Wall Street. The Dow Jones is up 0.80% and the Nasdaq 0.35%.
Economic data from the US showed mixed PPI figures and a decline in consumer sentiment (November preliminary) to the lowest since August. The numbers did not affect the US dollar. Several FOMC officials spoke cautiously about the current economic outlook.
From a technical perspective, USD / JPY respected a downtrend line and resumed falling on Friday. The negative tone is gathering momentum. The next strong support could be seen around 104.00 – a break to the downside should open the doors for further losses. USD / JPY’s negative bias should be nullified if it breaks above 105.70, an area where a downtrend converges with the 100-day moving average.
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