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USD/JPY treading water around 120.00

FXStreet (Edinburgh) - The greenback is extending its consolidative pattern vs. the Japanese currency at the beginning of the week, with USD/JPY gyrating around 120.00 the figure.

USD/JPY waiting for catalysts

The lack of direction continues to prevail in the pair so far, which is debating between the likeliness of further BoJ easing and the timing of the potential Fed’s lift-off. However, the absence of any breakthrough in these matters as of late has relegated spot to navigate around the 120.00 handle for the time being.

In the data space, the next risk event will be the BoJ minutes due early tomorrow, followed by NFIB’s Business Optimism index and the speech by Fed’s Bullard.

USD/JPY relevant levels

At the moment the pair is losing 0.08% at 120.15 with the next support at 119.61 (Fibo 61.8% of 125.58-116.16) followed by 118.68 (low Oct.2) and finally 116.16 (low post PBoC move Aug.24). On the other hand, a breakout of 120.60 (Fibo 50% of 125.58-116.16) would expose 120.95 (55-day sma) and then 121.42 (200-day sma).

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