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USD/JPY: an opportunity to collect some cheap dollars?

FXStreet (Guatemala) - USD/JPY is trading at 107.98, down -0.26% on the day, having posted a daily high at 108.33 and low at 107.88.

USD/JPY took out the 108 handle the downside in the opening hour of the Tokyo session and is testing out bids in the R2 zone. The pair is moving against the grain of the overnight session in the US where stocks rallied with the DJIA adding more than 300 points on the day and the S&P close to 2% gains. There is little out today in the way of data from Asia except we had Japan's Finance Minister Taro Aso hitting the wires saying that they are aiming to get out of deflation; not aiming to weaken the Yen. From here, the downside might just be offering an opportunity to buy on dips until we get a god feel of things next week when the FOMC showdown is scheduled.

USD/JPY noteworthy levels

Spot is presently trading at 107.99, and next resistance can be seen at 108.03 (Daily Classic R3), 108.27 (Daily Open), 108.33 (Daily High), 108.37 (Yesterday's High) and 108.99 (Weekly Classic R2). Support below can be found at 107.94 (Weekly Classic R1), 107.91 (Hourly 20 EMA), 107.88 (Daily Low), 107.71 (Daily Classic R2) and 107.42 (Daily Classic R1).

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