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USD/JPY: bullish hammer formation on 120 handle

FXStreet (Guatemala) - USD/JPY is currently trading at 119.64 with a high of 120.16 and a low of 119.24.

USD/JPY is flat with a familiar range. Price is subject to risk-on or risk-off themes as we progress through the sessions. The 200 DMA remains the key resistance at 120.88 today while the downside key support stays with 119.20 today. Stocks picked up in the European shift while the US is performing a little better as well albeit still mainly in the red.

Commodities have picked up and there is a general stabilization in today's US sessions while we await key data with the Nonfarm Payrolls at the end of the week. From Japan, we will see industrial production and retail sales ahead of the Q3 Tankan sentiment survey.

USD/JPY levels

Technically, Eric Theoret, CFA, CMT FX Strategist at Scotiabank explained that USD/JPY short-term technicals are neutral-bullish who explained that the risks are shifting to the upside as we note the formation of a hammer around 120.00. "Signals are muted, conflicted, and provide little in terms of information about the near-term bias. We look to support at 119.20 and consider the potential for gains toward the 200 day MA at 120.89."

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