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USD/JPY through S3 and eyes on 109

FXStreet (Barcelona) - USD/JPY is trading at 108.18, up 0.98% on the day, having posted a daily high at 108.25 and low at 107.10.

With risk aversion easing off, the yen is weak and the US dollar has been taking up bids again which equates to a stronger performance in the pair. USD/JPY has achieved the 108 handle and with the status quo back in favour of the USD the 109 handle is the next target with MA’s all in favour of the uptrend. The key events now for the pair are centred around the FOMC next week.

In respect of the dollar, we got a modestly better-than-anticipated CPI report yesterday cemented the USD’s early advance, helping the greenback to close the day ahead of most majors, as noted by analysts at TD Securities. “However, yesterday's CPI print did not move much the implied timing for the first Fed hike, which has remained pegged at around October of next year since last week’s Wednesday scare. Remember that just a month ago market expectations for lift-off were centered in July 2015”.

USD/JPY noteworthy levels

Spot is presently trading at 108.22, and next resistance can be seen at 108.30 (Daily High), 108.99 (Weekly Classic R2), 109.76 (Monthly High), 109.76 (Annual High) and 109.76 (3 Year High). Support below can be found at 108.03 (Daily Classic R3), 107.94 (Weekly Classic R1), 107.71 (Daily Classic R2), 107.56 (Hourly 20 EMA) and 107.42 (Daily Classic R1).

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