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USD/JPY back above 107.00

FXStreet (Córdoba) - After bottoming at 106.79, the lowest price since last Thursday USD/JPY bounced and rose back above 107.00. The recovery from the lows found resistance at 107.20, and near the end of the day trades at 107.15, around the same price it closed yesterday.

From a technical perspective, Valeria Bednarik, Chief Analyst at FXStreet notes that the hourly chart shows little downward strength “as the pair remains limited in a tight range, with price hovering around its 100 SMA and indicators still in neutral territory.”

“The pair needs to shows some more directional momentum either below 106.80 or above 107.40 to set a clearer directional strength over the upcoming sessions”, affirms Bednarik.

USD/JPY ahead of FED day

On Wednesday, the FOMC will release the statement and also Janet Yellen will give a press conference. The statement and Yellen’s words are likely to have an impact on USD/JPY. A “dovish” message could boost Greenback in the market, will the opposite, a “hawkish statement” could support the yen.

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