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USD/JPY fending off the bears on a big week

FXStreet (Guatemala) - USD/JPY is trading at 107.95, up 0.12% on the day, having posted a daily high at 107.99 and low at 107.79.

USD/JPY is building bids towards the 108 handle in a drift away from the lows when supply opened a bearish gap from above the aforementioned handle. This week is tense and comes with a great deal of key releases from the FOMC to economic Japanese data to the BoJ.

More noteworthy than the Central Bank itself, given it is likely to remain with the same beat of the drum, might be the actual economic data from Japan. This week comes with Japanese Retail Sales, Industrial Production, Employment, and Inflation even before we get the BoJ meeting on Friday. What also could be interesting is if there is any mention of the weakness of the currency, due to the recent trade gap that widened in favour of exports which rose to the highest in seven months for Japan.

USD/JPY noteworthy levels

Spot is presently trading at 107.95, and next resistance can be seen at 107.99 108.09 (Daily Classic PP), 108.27 (Weekly High) and 108.40 (Daily Classic R1). Next support to the downside can be found at 107.85 (Daily Classic S1), 107.84 (Hourly 20 EMA) and 107.62 (Hourly 100 SMA).

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