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USD/JPY bulls back in control sub 117.05 target

FXStreet (Guatemala) - USD/JPY is trading at 116.65, up 0.18% on the day, having posted a daily high at 116.80 and low at 116.45.

USD/JPY is now awaiting news around whether an election will be called by Japan’s prime minister, Abe. Thus, traders may start to pair back positions and given how long the market is of USD/JPY, this could prevent the pair from moving through 117 with any kind of conviction for the time being no matter how control the bulls might be in again.

The pair has already rallied back to the bulls comfort zone though and is tucked in just below the 117 level after yesterdays GDP releases and subsequent offset in positions. Strange behavior around an outright poor set of data from the Japanese economy, leading analysts to suspect that Abe will more than likely put of the sale tax rise even further down the road.

USD/JPY continues to move within its rising channel

Ipek Ozkardeskaya, FX Analyst at Swissquote Bank explained that the hourly supports can be found at 115.31 (13/11/2014 low) and 114.89 (see also the rising channel). “An hourly resistance now lies at 117.05. A long-term bullish bias is favoured as long as the key support 105.23 (15/10/2014 high) holds. The break of the major resistance at 110.66 (15/08/2008 high) opens the way for a further rise towards 120.00 (psychological threshold, see also the 61.8% retracement of the 1998-2011 decline). A major resistance stands at 124.14 (22/06/2007 high)” - Ipek Ozkardeskaya, FX Analyst at Swissquote Bank.

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