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USD/JPY having a look in at 120 level before FOMC minutes

FXStreet (Guatemala) - USD/JPY is currently trading at 119.85 with a high of 120.11 and low of 119.61.

USD/JPY is back into the vicinity of the 120 handle while we await the release of the FOMC minutes that are tipped to be on the dovish side. That coupled with the recent fall out in the Nonfarm Payrolls does not bode well for the greenback for the time being, but a great deal depends on the BoJ this month as well with the next meeting taking place at the end of October.

Data in Japan will be closely monitored to see whether there is any contraction in the economy that might force the hand of the Central Bank that could offset any possible weakness in the dollar and leave USD/JPY within the familiar ranges that we have been trading in for the last 6 weeks.

USD/JPY levels

Technically, the price has been trading within the vicinity of the 50 and 20 SMA's on the hourly chart, smothered below the 200 SMA leaving the major in a bullish trend in the near term. We remain with the same key support and resistance at 118.30th March low and 120.88 200 DMA.

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