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USD/JPY on the bid back on 107 handle

FXStreet (Barcelona) -USD/JPY is trading at 107.10, up 0.19% on the day, having posted a daily high at 107.25 and low at 107.00.

USD/JPY has popped higher through the 107 handle on the open and continues on it’s bullish trend set from last weeks trading activity with the greenback finishing on the front foot again.

On an otherwise quiet calendar there were two notices worth taking note of over the weekend. The weekend press reported that the Government Pension Investment Fund is planning to raise its allocation to Japanese equities from 12% to around 25% and also source notified and via a Reuters, weekend in respect of the misuse of funds, which could violate electoral and political funding laws. Yuko Obuchi, Japan’s Minister of Economy, Trade and Industry, has apparently plans to resign. The week ahead, in respect of the US data, we will see US Unemployment Claims on Thursday and US New Home Sales on Friday.

USD/JPY noteworthy levels

With spot trading at 107.10, we can see next resistance ahead at 107.20 (Daily Classic R1), 107.25 (The High and Hourly 200 SMA) and 107.49 (Daily 20 SMA). Support below can be found at 107.00, 106.66 (Daily Classic PP) and 106.64
(Hourly 20 EMA).

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