USD/JPY – 123.80 proves as tough level

  • Offers at 123.80 have capped the topside in USD/JPY earlier
  • The bad Consumer Confidence print (90.9 vs 100.0 expected) has weighed on the Greenback
  • Dealers report bids resting at 123.30 (+ intraday stops below), while key support now seen in the 122.90/123.00 area
  • Further consolidation between 123 and 124 seems likely ahead of the FOMC meeting tomorrow at 1900 BST

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