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USD/JPY anchored on 108 handle

FXStreet (Barcelona) - USD/JPY is trading at 108.05, up 0.20% on the day, having posted a daily high at 108.33 and low at 107.78.

USD/JPY is well placed on the bid in the closing hours of this week’s session. The pair sits on the 108 handle and we are in anticipation of two things, a) ECB stress test and b) FOMC next week. The yen has been subject to the performances of the stock markets and risk sentiment and with their being uncertainty around the ECB’s intentions on a number of account’s but most immediately, the Asset Quality Review and stress test this weekend, the Yen might come into play in response to the markets reaction to this on the open. In respect of the FOMC, this will be the key driver for the greenback middle of the week.

USD/JPY short‐term technical: mixed

Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that several studies are shifting towards more bullish outlooks. The MACD is flirting with a buy signal and spot has rallied substantially suggesting the bulls are in control. Support lies at yesterday’s open of 107.14 while resistance is at 108.74.

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