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USD/JPY tucked in below overnight new highs

FXStreet (Guatemala) - USD/JPY is trading at 115.76, up 0.26% on the day, having posted a daily high at 116.02 and low at 115.26.

USD/JPY has been shunned and bears not giving in too easy. The major met resistance through to new seven - year highs and the supply from above the 116 handle takes us into key supporting territory that is currently being tested.

The moves in the Yen came with the sales tax delays postponed from October 2015 until April 2017 and with Abe also calling for a snap election and dissolving parliament this month. The pair remains in positive territory and fundamentals continue to stack up against the bears at the moment. The divergence between the central banks is compelling and this will likely continue to underpin the dollars advancements.

USD/JPY noteworthy levels

Current price is 115.79, with resistance ahead at 115.96 (Weekly Classic R1), 116.29 (Daily Classic R3) and 117.30 (Weekly Classic R2). Next support to the downside can be found at 115.60 (Daily Classic R2), 115.53 (Hourly 20 EMA) and 116.00.

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