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USD/JPY bulls waiting to pounce seeking 129.00

FXStreet (Guatemala) - USD/JPY is trading at 117.68, down -0.03% on the day, having posted a daily high at 118.07 and low at 117.61.

Japan is out for Labour day so markets are thin at the start of the week and USD/JPY is testing the bulls out below the 118 handle. The less committed are exiting, shaken by Aso's concerns, saying last week "The pace of the decline in the past week has been too fast", and perhaps having already enjoyed a good run with the Yen losing about 4.7% against the dollar this month profits are being taken off the table.

However, those seeking for further gains still may view lower levels as just a re-entry point, buying or adding to long positions on dips and running with the fundamentals surrounding a Japanese economy that has recently entered recession again according to the latest GDP results and whose monetary policy favors a weaker Yen.

The market is very long dollars again with a good series of positive US data this month, and there are more key releases to follow in the last week of November as the pair trades in make or break territory, with the ambitious bulls seeking 120 before the year is out. According to analysts at Brown Brothers Harriman, the dollar support is pegged around JPY117.30, and they noted that this level also corresponds to the 5-day moving average, which it has not closed below since October 16.

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