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USD/JPY: a must look technical picture before BoJ - UOB

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Analysts at UOB Bank offer the key technical levels ahead of the BoJ where economists are on the fence as to whether they will wait to act at the end of the month or today.

    See here for the BoJ preview.

    Key Quotes:

    "Still neutral but key levels are further apart. [no change in view, see update from yesterday below] While USD broke below the strong 119.00 support last Friday (low of 118.65/70), the rapid reversal coupled with the strong daily close suggests that USD is not ready to move lower in a sustained manner.

    In other words, we continue to hold a neutral view but the key levels are further apart now between 118.65 and 121.30. On a shorter-term note, 120.70 is already a strong resistance."

    See here for the BoJ preview.
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