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USDJPY : Demand for US Dollar Continues to be Supported, Pair on its Way to 111

USDJPY : Daily Chart

USDJPY today declined after finding resistance at 109.64 although it continues to remain supported by an immediate rising support trend line. There is also a support at 108.45. There is another rising support trend line which might provide the pair support if the pair declines below the above rising trend line.

In terms of data, U.S. personal spending data supports the expectations for an early interest rate increase. The official data showed that U.S. personal spending rise .5% in August beating the expectations for an increase of .4% after a decline of .1% in July. The series of upbeat economic data continues to support the demand for US dollar.

USDJPY : 4 Hour Chart

On the 4 hour chart, the pair seems like following a sideways pattern and trading within a range of resistance at 109.64 and support at 108.45. 50 day SMA also seems like support to the pair currently.The moving averages are moving upward in a parallel manner signaling that the investors agree with uptrend on the pair and are aligned to each other.