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USD/JPY signals remain bullish; 117 handle under threat

FXStreet (Guatemala) - USD/JPY is trading at 116.65, up 0.17% on the day, having posted a daily high at 117.06 and low at 116.34.

USD/JPY has been trading throughout Europe and the opening of the US on the back of a date set for the snap election mid December this year in Japan and an 18 month delay in the sale tax hike. This scenario is likely good for Japanese stocks and was positive for USD/JPY. The 117 handle was under threat again pressuring the bears to come in with heavy supply at 117.06 taking us back to 116.40 but way off the pivot for a sustained effort that was reinforced which moved us back into positive territory at 116.60/78 where the pair oscillates currently.

USD/JPY studies remain bullish

USD/JPY technical studies remain bullish. Support lies at 115.45; Resistance remains at the 117.06 mark with space up to 117.80 there after. Karen Jones, chief analyst at Commerzbank, explained that in case of an unexpected drop below the 115.45 level being seen, the 113.86 10th November low will be in focus. “Key support is the 110.67 August 2008 high and the accelerated uptrend at 111.53. While it holds, pressure remains on the topside”.

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