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USD/JPY awaits further impetus for a continuation

FXStreet (Guatemala) - USD/JPY is trading at 115.76, down -0.01% on the day, having posted a daily high at 115.81 and low at 115.74.

USD/JPY is nicely placed in positive territory at a key section of the 115 handle and it feels as though it will not take much to tip it over into high grounds given how compelling the scenario is in respect of the BoJ’s recent actions and the divergence between the Fed and the BoJ.

These such fundamentals are driving the pair, and the release of the latest FOMC minutes coming up next week will be telling in terms of the timing of the first rate hike which could offer some support for the US dollar, as noted by analysts at Bank of Tokyo Mitsubishi UFJ. “The latest US CPI report for October represents the biggest potential downside risk for the US dollar if it reveals more subdued than expected inflation."

USD/JPY noteworthy levels

Spot is presently trading at 115.77, and next resistance can be seen at 115.90 (Yesterday's High), 115.96 (Weekly Classic R1) and 116.12 (Daily Classic R1), 116.25 and 116.60. Next support to the downside can be found at 115.64 (Hourly 20 EMA), 115.50, 115.10 and 114.90.

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