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Dollar lifted by PMI data
Having failed to make much progress today the dollar has pushed up, enlivened by a better US services PMI reading. Ultimately, however, the pair needs to break through ¥103 for any hope of seeing further gains to the upside.
If ¥103 is breached then the next target is ¥104, the high from early April, but caution should be exercised given that the daily relative strength index is still flashing an overbought reading.
With intraday indicators also flashing overbought there is the possibility that a pullback will occur, but the ¥102.40 level should provide support, as it has done in the previous two sessions.