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USD/JPY: two steps forward, one step back

FXStreet (Córdoba) - USD/JPY continues to print higher highs every session, advancing at a slow but steady pace as prospects the Federal Reserve might take a hawkish turn at its policy meeting next week continue to support the dollar.

USD/JPY extended gains and reached its highest level since September 19 2008 at 107.39 before correcting a tad lower. With the subsequent dip being contained by 107.08, the pair is currently trading at 107.20, recording its fifth daily gain in a row.

The dollar remains underpinned by prospects the Fed will make a hawkish shift in the upcoming Sept 17 meeting. Most analyst agree Fed’s forward guidance, that interest rates will remain low for a considerable time, is expected to be changed.

USD/JPY levels to watch

In terms of technical levels, immediate resistances could be found at 107.39 (intraday high) and not much until 108.00/02 (psychological level/Sept 19 2008 high). On the other hand, supports are seen at 106.63 (Sept. 11 low), 106.00/03 (psychological level/Sept 10 low) and 105.78/70 (10-day SMA/Sept 5 high).

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