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USD/JPY gaps up on a cautiously hawkish Yellen

FXStreet (Guatemala) - USD/JPY is currently on the bid having gapped higher to 120.40.

USD/JPY has gapped higher as bulls get behind the Greenback with Yellen suggesting a rate hike will come this year depending on data. USD/JPY gapped to test yesterday's highs of 120.30 scoring that aforementioned high.

Elsewhere, equities were closing in the red again and risk is off while investors leave idle capital elsewhere. Durable goods were not kind to the dollar, with a mixed report, inline headline and soft revisions.

USD/JPY levels

Technically, we are training in familiar ranges with 120.80 remaining as key resistance and the pivot at 120.15 broken on this knee jerk spike making way for 120.68 R1. MA's are coming with a bullish bias while MACD on the hourly has been developing a positive reading during the minor recovery from 119.20 and S2. This guards 118.81.

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