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FxWirePro: USD/JPY extends range trade, focus on Retail Sales data for impetus

USD/JPY chart - Trading View 

USD/JPY was extending range trade in the Asian session, with session high at 107.03 and low at 106.85.

The pair is consolidating above 55-EMA and scope for resumption of upside as technical studies do not show any weakness.

US yield curve steepens to widest in more than a month, adding support to the U.S. dollar. 

Bearish pressures may stem from the US Congress’ inability to pass the much-anticipated additional coronavirus stimulus bill. 

Focus now on U.S. Retail Sales data due later today at 12:30 GMT for further impetus. UMitch Consumer Sentiment Index due 14:00 could also influence price action.

Resumption of upside will see test of 110-EMA at 107.24. Breakout there will fuel further upside.

On the flipside, 55-EMA is immediate support at 106.75. Break below will negate any upside bias. 
 

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