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USD/JPY steady in light holiday trade – MP

FXStreet (Barcelona) - Kenny Fisher, Currency Analyst at MarketPulse, notes that the Japanese yen has started the week quietly, as USD/JPY trades in the low-118 range.

Key Quotes

“Will we see a 120 yen this week? On the release front, there are no Japanese releases on Monday as there is a bank holiday. In the US, there is just one release, Flash Services PMI. No change is expected in this reading.”

“The struggling Japanese economy has officially slipped into recession, as GDP has posted two straight declines. In Q3, GDP declined -0.4%, well below the estimate of 0.5%.”

“USD/JPY was flat in the Asian session. The pair has posted gains in the European session, breaking past resistance at 117.94.”

“117.94 has reverted to a support line. It remains a weak line and could see action in the North American session.”

“118.89 is a strong line of resistance.”

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