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USD/JPY remains better bid at 107.20 resistance

FXStreet (Guatemala) - USD/JPY is trading at 107.19, up 0.29% on the day, having posted a daily high at 107.27 and low at 107.00.

USD/JPY remains better bid and bolstered by the news of GPIF planning to add to Japan's stocks allocation by 25% which gave the Nikkei traders a bullish tip for the day on the open. Meanwhile, BoJ Gov Kuroda continues to affirm the view that the Japanese economy is continuing to recover moderately and the effect of sales tax hike on economy is likely to ease over time. From the weekend, it has been reported that the Government Pension Investment Fund is planning to raise its allocation to Japanese equities from 12% to around 25%. Then, in respect of the misuse of funds news in Japan, which could violate electoral and political funding laws. Yuko Obuchi, Japan’s Minister of Economy, Trade and Industry, has apparently plans to resign. In respect of the US data coming up this week, we will see US Unemployment Claims on Thursday and US New Home Sales on Friday.

USD/JPY noteworthy levels

Spot is presently trading at 107.21, and next resistance can be seen at 107.24 (Hourly 200 SMA), 107.49 (Daily 20 SMA) and 107.49 (Daily Classic R2). Support below can be found at 107.20 107.05 / 107.00 (Daily Low), 106.96 and 106.73 (Hourly 20 EMA).

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