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USD/JPY bulls attacking 118.20 resistance

FXStreet (Guatemala) - USD/JPY is trading at 118.23, up 0.20% on the day, having posted a daily high at 118.29 and low at 118.00.

USD/JPY is having a go at higher grounds on the 118 handle again and is currently taking out the 118.20 resistance level, an area that it had been struggling with on modest rallies from 118 the figure in the European session. More broadly, the pair has been unable to penetrate the 119 level and this triggered supply that swept up over a cent in ground to the lows overnight.

It is questionable as to whether the greenback can sustain a rally across the board as we approach year end, traditionally a sluggish time of year for the US dollar, and with treasury yields unable to pick up the pace on the back of strong US data, a target of 120.00 before year end may be quite a task. Before the week is out, bulls will be looking for a strong close on the 118 handle to kick next week off for a possible positive start.

USD/JPY noteworthy levels

Spot is presently trading at 118.24, and next resistance can be seen at 118.29 (Daily High), 118.45 (Daily Classic R1), 118.64 (Weekly Classic R2), 118.91 (Daily Classic R2) and 118.99 (Yesterday's High). Next support to the downside can be found at 118.12 (Hourly 20 EMA), 118.00 and 117.80.

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