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USD/JPY: 200 DMA congestion too much for bulls?

FXStreet (Guatemala) - USD/JPY is currently trading at 120.37 with a high of 121.08 and a low of 120.15.

USD/JPY continues with a heavy bias within a consolidation of the downtrend below the 200 DMA. We are actually awaiting the BoJ this week and data from the US will drive price until then to an extent. We had key releases with the US durable goods at -1.2% vs -3.0% expected as a key component to the next FOMC, albeit this week's being a potential non event. The PCE indicator, as the Fed's preferred measure, will be another key data event besides the BoJ.

USD/JPY levels

Technically the major is on its path for a look in below the 120 handle again after bids through the 200 DMA were short lived with strong bearish indicators below the cluster of bearish MA's on the hourly sticks. The 200 SMA on same time frame is 119.96 and is a key support.

On the upside, the late August highs at 121.76/79 and the 61.8% retracement are key resistances ahead of 123.33 and the 78.6% retracement are guarding 125.00/28 August highs.

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