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USD/JPY offered on the Tokyo open

FXStreet (Guatemala) - USD/JPY is trading at 118.15, up 0.13% on the day, having posted a daily high at 118.38 and low at 118.00.

USD/JPY is being offered in Tokyo on the open and is moving away from the highs met and back below 118.20 support. This had acted as the recent resistance and was attacked on the hand over to Asia from the US session.

Markets are tentative towards a full on rally in the greenback as we come towards the end of the year, where typically the greenback doesn’t do particularly well seasonally, but fundamentally the markets are not convinced that the US can continue to ignore disinflationary pressures else where in the globe and the timings of a rate hike may not come as soon as anticipated which is both weighing on US yields and is setting the dollar back a notch.

USD/JPY noteworthy levels

Spot is presently trading at 118.16, and next resistance can be seen at 118.20, 118.45 (Daily Classic R1), 118.64 (Weekly Classic R2), 118.91 (Daily Classic R2) and 118.99. Next support to the downside can be found at 118.12 (Hourly 20 EMA), 118.00 and 117.80.

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