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USD/JPY: Get ready to reload for 112's

FXStreet (Barcelona) - USD/JPY is trading at 108.21, down -0.51% on the day, having posted a daily high at 109.25 and low at 108.11.

USD/JPY has been caught up in the unwinding in the greenback with profits taken off the table above the 190 handle. However , the broader picture remains with a strong dollar fundamentally and we are not far off the FOMC minutes that are going to be of great interest as we come to the end of the Fed's tapering program and are entering the final quarter of the year and repatriation year end time frames. Analysts at RBS gave us a technical snapshot and explained that they were right to take their profits at 109.30/88. They said, “The latter sees corrective moves back to 108.00-107.50, which still leave the uptrend intact, offering opportunities to re-load longs for 112.00/112.60 long-term targets (possibly 120.00 on a long-term horizon). For now, we still may have a few corrections from 109.88, with support at 108.00 and 107.48, offering buying levels to 112.00 / 112.60 and above targets”.

USD/JPY noteworthy levels

Spot is presently trading at 108.22, and next resistance can be seen at 108.33 (Daily Classic S1), 108.42 (Weekly Low), 108.48 (Weekly Classic S1), 108.64 (Hourly 20 EMA) and 108.65 (Yesterday's Low). Support below can be found at 108.15 (Daily 20 SMA), 108.11 (Daily Low), 107.88 (Daily Classic S2), 107.19 (Weekly Classic S2) and 107.11(Daily Classic S3).

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