USD/JPY (current price: 108.73)
The Japanese Yen continued to trade under pressure with still no crucial reports coming out from Japan yesterday. The Dollar got close to the 110 level in early trading, after rising by 6% in just two weeks. The pair lost ground in late trading, after the release of the bearish U.S. PPI number and the disappointing Industrial Production Report. The monthly PPI came in at 0.0%, below the consensus estimate. Industrial Production was also unchanged in October as Capacity Utilization fell to 75.3%.
Our assessment: The pair broke above the declining 200-day Moving Average last week. The USD remains strong, despite the correction yesterday and this morning.
