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USDJPY – Top Made?
Although conventional wisdom argues that the dollar rally is far from over, there are some signs that at least in the short term the upward momentum may be running out of gas. One good indication of such dynamic is when the price action diverges from the fundamentals as it did today when the better than expected GDP data and the spike in Consumer confidence failed to provide any lift for the pair and sent it below the 112.50 mark by end of New York trade.
Tomorrow the market will get a glimpse at the ADP data which is a key harbinger of the key NFP report due Friday. The market is anticipating an increase of 161K from 147K the month prior, but if the number misses, a steeper profit taking dive may take place sending USDJPY through the 111.50 support to a possible test of the 110.00 level.