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USD/JPY warns of upside risks - Scotiabank

FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted the recent drop in the greenback vs the Yen and explains events and paints a technically bullish backdrop.

Key Quotes:

"Politics are once again in focus, with PM Abe and President Xi having the first China-Japan summit since 2012; while domestically there is growing speculation that Japan will face an election as PM Abe’s approval ratings fall; before he has made a decision on the implementation of the second increase in the consumption tax”.

"USD/JPY short‐term technicals: bullish—studies continue to warn of upside risk, even as spot comes off its highs. Support lies at 113.42; while resistance comes in at the recent high of 114.84."

USD/JPY range is sideways between 112.00 / 115.52

USD/JPY is trading at 114.78, up 0.13% on the day, having posted a daily high at 114.82 and low at 113.86.
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