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USD/JPY recovery stalled at 116.50

FXStreet (Edinburgh) - The bounce off the mid-115.00s seems to have found strong resistance in the area of 116.50, with USD/JPY now gyrating around 116.40/35.

USD/JPY down from multi-year peaks

After an ephemeral breakout of 117.00 the figure in early trade, the JPY managed to pick up pace and drag spot towards the 115.50/45 band in spite of the softer than expected GDP figures for the third quarter in the Japanese economy. In fact, the economy slipped back into recession after a 0.4% contraction inter-quarter, missing forecasts for a 0.5% advance. There are no scheduled data for tomorrow in Japan, whereas the BoJ monetary policy meeting (Wednesday) will be the most relevant event in the week, amidst mounting rumours of a delay in the sales-tax hike and a snap election in December. In the view of analysts at TD Securities, “USDJPY will see a fair bit of volatility in the short-term, the overall medium-term trend remains higher”.

USD/JPY relevant levels

As of writing the pair is advancing 0.13% at 116.44 with the next resistance at 117.06 (2014 high Nov.17) followed by 117.20 (high Oct.17 2007) and then the psychologically mark at 118.00. On the downside, a breach of 115.45 (low Nov.17) would open the door to 115.31 (low Nov.13) and finally 115.00 (psychological level).

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