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15 May 2015
USD/JPY reverses and drops to test daily lows after US data
FXStreet (Córdoba) - USD/JPY dropped further and fell to 119.18, slightly above daily lows. The pair remains under pressure and currently trades at 119.30/35, modestly higher for the day but far from the highs.
Earlier it climbed to 119.92 but after the release of several economic report from the US turned sharply to the downside. The Empire Manufacturing index, industrial production data and the Reuters/Michigan consumer confidence index showed numbers below expectations, triggering a decline of the US dollar in the market.
In a few hours USD/JPY erased daily gains and is back into negative territory for the week. So far the area around 119.15/20 capped the decline, a break lower would exposed 119.00 and yesterday’s lows that lie at 118.85.
Earlier it climbed to 119.92 but after the release of several economic report from the US turned sharply to the downside. The Empire Manufacturing index, industrial production data and the Reuters/Michigan consumer confidence index showed numbers below expectations, triggering a decline of the US dollar in the market.
In a few hours USD/JPY erased daily gains and is back into negative territory for the week. So far the area around 119.15/20 capped the decline, a break lower would exposed 119.00 and yesterday’s lows that lie at 118.85.