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USD/JPY threatens the key 107 handle

FXStreet (Barcelona) - FXStreet (Barcelona) - USD/JPY is trading at 107.37, down -0.25% on the day, having posted a daily high at 107.62 and low at 107.06.

Currently, the price is pressing on to the downside, having opened with the gap challenging the 107.20 support which is a psychological level protecting the rally from 102 territory. The market remains with theme of divergence and analysts at Bank of America Merrill Lynch explained that prior to the end of the fiscal half (end-September), high demand for US dollars and for T-bills caused a widening of USD/JPY basis spreads and pushed short-term yields into negative territory in Japan's markets. “That trend continues in October, given expectations of another increase in demand for US dollars at end-December and the impact of Bank of Japan's (BOJ) operations”.

USD/JPY noteworthy levels

Spot is presently trading at 107.38, and note worthy levels can be seen at 107.40 (Hourly 20 EMA), 107.46 (Daily Classic S1), 107.55 (Daily Open), 107.62 (Daily High) and 107.62 (Yesterday's Low). Next support to the downside can be found at 107.26 (Daily Classic S2), 107.06 (Daily Low), 106.90 (Daily Classic S3) and 106.83 (Weekly Classic S1).

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