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USD/JPY: Bulls Capped in Tokyo at 109.80 Key Resistance


Tuesday, 15 May 2018 08:43 WIB

USDUSD/JPY,JPY,


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USD/JPY bulls have been capped in Tokyo, unable to get and hold above the 109.80 resistance. Currently, USD/JPY is trading at 109.69, up 0.03% on the day, having posted a daily high at 109.81 and low at 109.64.

Overnight, USD/JPY was better bid where, firstly, EUR/JPY bulls carried the pair higher after the ECB noise supported the euro and that aided the continuation of the USD/JPY from 109.42 lows.

With US yields bouncing to the 3% mark, the general dollar rebound sent the pair to a high of 109.69. Observers will now keep an eye on trade war headlines, (currently softened by Trump's about-face ZTE negotiation with China) and Japanese GDP/US retail sales tomorrow.

USD/JPY levels

The daily ascendant trend line coming from early April is now acting as support at 109.00, although the key level continues to be the 108.70/80 price zone, with a break below this last opening doors for a steeper decline.

Source : fxstreets


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