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JPY is flat as PM Abe dissolves the lower house – Scotiabank

FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank observes that JPY is trading flat as PM Abe dissolved the lower house, opened up mid‐December election and delayed consumption tax by 18‐months.

Key Quotes

“USDJPY traded in a surprisingly narrow trading range during the Asian and European sessions and is entering the NA session flat to yesterday’s close. Political and fiscal uncertainty in Japan have risen dramatically and will likely support USDJPY upside in the near‐term; with 120 the next major level to be tested.”

“In the near‐term we expect USDJPY to trend higher.”

“USDJPY short‐term technicals: bullish—most studies warn of upside risk and are moving with patterns that suggest large USDJPY buying.”

“Support lies at 115.46; while resistance comes in at the recent high of 117.05 followed by 117.80.”

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