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USD/JPY clings to 108.00

FXStreet (Edinburgh) - After sipping to the vicinity of 107.90 overnight, USD/JPY is now looking to convincingly break above the 108.00 handle.

USD/JPY focus on Fed, BoJ

Will be a very interesting week for both Japanese and US docket, with the main highlights being the Fed meeting on Wednesday – where the end of QE is expected – and the BoJ monetary policy statement on Friday, although not much is expected in terms of announcements so far. Keeping an eye on US Pending Home Sales and the Markit Services PMI, spot will try to regain earlier peaks in the 108.40 neighbourhood. In the view of analysts at BBH, “The risk is that the speculation of more action by the BOJ is getting ahead of itself. This may help cap the dollar, where a trendline drawn off the early October highs comes in around JPY108.70-80 next week”.

USD/JPY levels to watch

At the moment the pair is down 0.12% at 108.03 with the next support at 107.78 (low Oct.24) ahead of 107.64 (Kijun Sen) and then 107.11 (low Oct.23). On the flip side, a breakout of 108.36 (high Oct.23) would expose 108.74 (high Oct.8) and finally 109.08 (61.8% of 109.91-107.75).

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