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USD / JPY Trading Outlook

Thursday 24th November

USD/JPY made a surprise jump up to 77.57, the high of 2 weeks, the spike was soon sold into which took the pair back to 77.00. The 77.00 was reported yesterday as the pivot point with a preference to buy above and overnight the pair did rebound from here to 77.22. This level remains intact and in the near-term there could be bids to buy here however in the bigger picture there is downward pressure with a preference to sell below 77.35 and the initial support is 76.85 followed by 76.7.

Wednesday 23rd November

USD/JPY has rallied higher in the U.S. session; on USD strength it reached 77.57. Traders and exporters in the Asia session may look to take advantage of the cheaper JPY at this high. The pivot point is 77.0 and there is a preference to buy if the price doesn’t break to the downside, from this the initial profit target is 77.45. If 77.00 does not hold then this may pave the way for the 76.70 support.

Tuesday 22nd November

USD/JPY spiked to 77.30 overnight on reports that the BOJ could resort to direct purchases of foreign currency-denominated bonds to the tune of Y50 trln. This move signifies the nerves in the market over further interventions. The  Japanese Finance Minister denied that this is the governments position and the pair soon came down again to trade below 77.00. The near-term pivot point is 77.20 with a preference to sell below this and the initial support is 76.85 followed by 76.58.

Monday 21st November

USD/JPY came to test the 76.50 support on Friday followed by a rebound back to 77.00, this is the most action we have seen from the pair since the BoJ intervention. Trading is now consolidated with the moves down struggling to pass through 76.70-76.75. UBS is bearish placing the initial support at 76.50-58 saying a break below this would open 76.34. However, if the level holds IFR Markets still sees good bids ahead of 76.50.

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