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USD/JPY clinging to the 118 key level

FXStreet (Guatemala) - USD/JPY is trading at 117.97, down -0.24% on the day, having posted a daily high at 118.59 and low at 117.69.

USD/JPY remains oscillating around the 118.00 level after dropping back on the BoJ minutes that only five of nine members voted for easing. This mirrored the recent concerns over the weakness of the Yen and the negative impacts that it could have on domestic demand orientated small firms that had underpinned the economic recovery so far. However, the pair still remains in highly positive territory, with a rise close to 10% at the recent peak since the BoJ’s easing announcements.

Karen Jones, chief analyst at Commerzbank explained that nearby support is offered by the accelerated support line at 117.36 – while this holds further upside probes remain viable. “Below would signal a slide to the 115.45 17th November low being seen, and possibly the 113.86 10th November low be back in focus. While it holds, pressure remains on the topside”.

USD/JPY noteworthy levels

With spot trading at 117.98, we can see next resistance ahead at 118.03 (Hourly 100 SMA) and 118.04 (Hourly 20 EMA). 118.11 (Daily Classic PP) and 118.26 (Daily Open and 118.26 (Monthly High). Support below can be found at 117.72 (Daily Classic S1), 117.69 (Daily Low), 117.58 (Yesterday's Low), 117.39 (Weekly Classic PP), 117.36 (Accelerated Support Line) and 117.19 (Hourly 200 SMA).

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