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USD/JPY now looks to consolidate around 109.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Japanese currency is giving away part of the recent gains vs. the greenback, with USD/JPY currently gyrating around the 109.00 handle.

    USD/JPY attention to risk, US data

    Spot is retreating for the first time since Monday, coming down from weekly tops in the 109.50 area posted yesterday while support has emerged near 108.80 in early trade.

    The pair keeps navigating a bumpy road however, determined by speculations on the potential timing of rate hikes by the Federal Reserve and increasing skepticism on the likeliness of further easing by the Bank of Japan

    USD/JPY levels to watch

    As of writing the pair is retreating 0.16% at 109.02 facing the next support at 107.65 (2016 low Apr.12) followed by 105.18 (monthly low Oct.2014) and then 100.74 (monthly low Feb.4 2014). On the other hand, a breakout of 110.14 (20-day sma) would aim for 112.16 (55-day sma) and finally 113.81 (high Mar.29).
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