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USD/JPY: Are we seeing a turn around?

FXStreet (Guatemala) - USD/JPY is trading at 108.67, down -0.34% on the day, having posted a daily high at 109.39 and low at 108.52.

On a number of counts the USD/JPY is down on it’s knee’s, from comments that there are no hurries to reform plans in relation to the GPIF from the Japanese health minster, the weaker sets of US data and stops triggered on the back of the momentum behind the moves to the downside. Meanwhile, FX Strategists at the Bank of Tokyo Mitsubishi UFJ explained that the fiscal half year-end is approaching for many Japanese companies. Exporters are likely to be active in JPY buying towards the end of the month despite Japan’s trade balance remaining in deficit." The strategists added that it may help to dampen upward momentum for USD/JPY in the week ahead. “However if USD/JPY makes a sustainable break above key long-term resistance at around 109.25, it will likely encourage further speculative yen selling in the near-term”, they explained.

USD/JPY note worthy levels

With spot trading at 108.68, we can see next resistance ahead at 108.69 (Weekly Low), 108.86 (Hourly 100 SMA), 108.89 (Daily Classic PP), 108.96 (Hourly 20 EMA) and 109.03 (YTD High). Support below can be found at 108.61 (Daily Classic S1), 108.52 (Daily Low), 108.46 (Yesterday's Low), 108.44 (Weekly Classic PP) and 108.36 (Hourly 200 SMA).

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