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USD / JPY falls below 104.50 and remains weak as the dollar falls

The USD / JPY changed trend after reaching 105.00 on Monday. The pair just hit six-day lows below 104.50 and it remains with a bearish tone, in that area.

The yen it is showing some strength in the market, in the face of cloudy weather in the stock markets. The lack of an agreement for new fiscal stimuli in the US and the proximity to the presidential elections create a difficult climate.

The dollar for its part it is retreating modestly, with the DXY trading below 93.00. The drop in Treasury yields is negatively affecting the greenback.

Regarding data, it became known in the US showed that the consumer confidence index weakened to 100.9 in October, while on the positive side, durable goods orders increased 1.9% in September and prices of homes registered a higher than expected advance in August

Technical levels to take into account

From a technical point of view, the USD / JPY bias remains to the downside and a confirmation below 104.50 would point to a test of last week’s lows at 104.33 and then to September lows at 104.00. To the upside, the dollar rallied to affirm above 105.00, and then the next resistance at 105.40 will follow.

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Credits: Forex Street

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