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USD/JPY targets key 107 handle

FXStreet (Barcelona) - USD/JPY is trading at 106.71, down -0.22% on the day, having posted a daily high at 107.02 and low at 106.25.

USD/JPY has rebounded from the 106.20 territory and is resuming the bullish trend again but finds hard work of it ahead of the 107 handle. A number of colliding factors boosted the dollar and risks lie more so across in the Eurozone this week while markets are nervous as to what course the ECB are taking with respect to their bond purchasing and debt programmes in the Euro zone states and chatter around these points is causing quiet a stir.

The BoJ is tentatively on hold but ready to act with more stimuli if necessary and meanwhile, we will begin to make preparations for the FOMC next week. From the calendar, we had a decent set of housing data form the states and tonight we await the Japanese Trade balance without expecting too much from it mind you.

USD/JPY noteworthy levels

With spot trading at 106.71, we can see next resistance ahead at 106.72 (Hourly 20 EMA), 106.96 (Daily Open), 106.97 (Hourly 200 SMA) and 107.02 (Daily High). Support below can be found at 106.68 (Daily Classic S1), 106.57 (Weekly Classic PP), 106.51 (Hourly 100 SMA), 106.41 (Daily Classic S2) and 106.25 (Daily Low).

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