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USD/JPY supply comes in post heavy bids overnight

FXStreet (Guatemala) - USD/JPY is trading at 113.57, down -0.19% on the day, having posted a daily high at 114.08 and low at 113.56.

After the holidays in Tokyo yesterday and the action of last week around both the Fed and an aggressive BoJ, we are now opening down today from the highs that were set in Europe from the heaving selling of the JPY. Advances in USD/JPY met the 114 handle overnight but profit taking is now kicking in and the pair moves lower within overbought territory. Focus will likely remain on the greenback this week with a lighter calendar in Japan while we ride testing weekly resistance levels.

USD/JPY noteworthy levels

Current price is 113.58, with resistance ahead at 114.00 and 114.20 and 114.50. Next support to the downside can be found at 113.56, 113.49 (Daily Classic R1), 113.45 (Hourly 20 EMA) and 111.33 (Daily Classic PP).

EUR/JPY: Bullish tone continues healthy - FXStreet

Valeria Bednarik, Chief Analyst at FXStreet, notes that EUR/JPY's bullish tone is well and healthy, with today's behaviour on the Nikkei - after being closed yesterday - critical to set the next intraday direction for the pair.
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