Forex: USD/JPY hits fresh 7-month high after US data

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FXstreet.com (Córdoba) - The dollar extended gains versus the yen on Tuesday to hit its highest level in 7 months after data showed US housing starts rose more than expected in October.

USD/JPY broke above the 81.60 resistance area and hit a high of 81.68 in recent dealings. At time of writing, USD/JPY is trading at the 81.65 zone, recording a 0.3% gain on the day.

The dollar is now extending gains into a fifth consecutive day versus the yen, amid expectations the Japanese main opposition party ( LDP ), which supports a looser BoJ, will take power next Dec 16.

The Mataf.net analyst team locates immediate resistances at 81.85 and 82.00, while they see supports at 81.10, 80.75 and 80.10.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

Referenced Stocks: LDP

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