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USD/JPY back onto the 117 handle

FXStreet (Guatemala) - USD/JPY is trading at 117.07, up 0.13% on the day, having posted a daily high at 117.24 and low at 116.80.

USD/JPY is well bid and has again penetrated the 117 handle, up to test out the 117.20 resistance. The outcome of events in Japan in respect to the delay in the sales tax hike, a snap election and support for stocks allows flexibility to the upside in USD/JPY. The softness in the currency is on Abe’s agenda and it may come at no surprise that we are making fresh highs in Asia yet again. However, the real test will come in the form of the FOMC minutes now as clarity around Abe is digested, and new impetus will be required if this train is to remain on tracks, for say, the 120 target. If there are alarms sounding around, say, lower oil prices and lower inflation, this will likely dent the greenback and may put targets for the 120.00 on hold for the time being.

USD/JPY noteworthy levels

Current price is 117.09, with resistance ahead at 117.20 (Daily Classic R1), 117.46 (Weekly Classic R1), 117.94 (Daily Classic R2) and 118.64 (Weekly Classic R2). Next support to the downside can be found at 117.06, 116.93, 116.84, 116.60, 116.25 and 115.90.

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