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USD/JPY: waiting on Central Banks for break out

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - USD/JPY is currently trading at 119.89 with a high of 120.10 and a low of 119.74.

    USD/JPY managed a score onto the 120 handle again as it rode the 20 SMA on the hourly chart as a support line from yesterday's business in early Asia from sub 119.80 with the 20 crossing up and over the 200 SMA at the mid-way point on the 119 handle. The flow is through the dollar while it has made a comeback after a number of week's and losses.

    The FOMC is due this month and while there has been plenty of Fed speakers, we still not any clearer on timings for lift-off and in the absence of data to back up a Fed hike this month, most participants are betting on 2016 opposed to December. This month also comes with the BoJ again although it is expected that they will stand pat yet again.

    USD/JPY level

    Technically, we remain in familiar ranges. To the downside, support at 119.10/15 is key ahead of the 2012-2015 uptrend at 116.87. Key upside resistance through the 120.00 level would be at 120.89 and the 200 DMA while market struggles much through 120.20..
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