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USD/JPY stable on 118 handle

FXStreet (Guatemala) - USD/JPY is trading at 118.33 and remains bid despite minor set backs in US trade.

USD/JPY gave back some ground in the US shift but only to offer re-entry points for committed bulls seeking higher grounds in the pair despite risks of "too much too soon". As we will now see Japan back into action after the labor day holidays, the week ahead now starts with the BoJ minutes from the 31st October meeting and then Kuroda’s subsequent speech.

Japan also reports a number of other key data this week, including the employment, retail sales, and inflation data. This segment of data may have slipped but only in accordance with Japans pre-emptive measures of late, perhaps. Then, in respect of the USD's recent rise and impact on the Fed’s timings of interest rises causing a possible setback in that respect, on the assumption that US growth continues to outperform, analysts at Rabobank explained that they see further potential for medium-term USD gains. “We have revised up our 12 month USD/JPY forecast to 125.00”.

USD/JPY noteworthy levels

Current price is 118.32, with resistance ahead at 118.50 (Overnight High), 118.84 (Daily Classic R2), 119.31 (Daily Classic R3) and 119.32 (Weekly Classic R1). Next support to the downside can be found at 118.28 (Daily Classic R1), 118.16 (Hourly 20 EMA) and 118.01.

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