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USD/JPY taking on the 116 level; requires firm close above here

FXStreet (Guatemala) - USD/JPY is trading at 116.17, up 0.33% on the day, having posted a daily high at 116.21 and low at 115.74.

USD/JPY has spiked to break the 116 level on a further attempt at the upside in the opening hour of Tokyo. USD/JPY has been consolidating the upsurge of late, awaiting further impetus but as we collect continued sentiment for a lower Yen, these initial barriers will be tested and on this basis, the fundamentals are compelling towards further weakness in the Yen.

The pair needs a firm close on the handle and a double top will not do the bulls any favours in the short term. However, dips down to 114.90 will be considered as buying opportunities as Valeria Bednarik, chief analyst tat FXStreet suggested.

USD/JPY noteworthy levels

Spot is presently trading at116.17, and next resistance can be seen at (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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