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USD/JPY's 120 handle under pressure by bears

FXStreet (Guatemala) - USD/JPY has been stuck in a tight range waiting impetus as the range becomes narrower as the days go by with still no break out.

The main focus remains with the Fed and BoJ's divergence and timings of when the BoJ may extend their QQE program or when The Fed is able lift-off with their normalising interest rate policy that they have been calling towards starting by the end of this year. However, the conditions are still not right, besides the majority of the FOMC recently all in favour for lift-off before the year is out at the appropriate time.

BoJ minutes not offering clues

The BoJ minutes were released prior to Tokyo opening again after a holiday yesterday. However, there were still no hints to whether the Central Bank are leaning towards further easing this month or any month soon while they emphasis that CPI core is just temporary due to the falling price of oil and they see inflation rising over the longer term while the economy continued to recovery moderately and QQE is exerting attended effects.

USD/JPY triangle - time for a break out?

The symmetrical triangle on the daily chart does not give any clues to when a break-out occurs, which direction it will take. However, the range to monitor for a break out stays with 118.60 and JPY121.60 with the four-month level at 125.40 and the August 24, lows of 116.20.

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