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According to the research Analyst at Westpac, several notable features about the USD’s recent rise suggest it will prove sticky and likely run yet further.
by- FX Street
USD/JPY started the new week trading within tight range above 109.00. It seems that the pair is awaiting Fed to set direction.
Recap
USDJPY beat strong resistance at 109.45/55 to target 110.25/30, perhaps as far as 110.80/90.
Daily Forecast - 02 May 2018
USDJPY reaches 109.90 but the severely overbought conditions could trigger a small pullback initially. Below 109.60/50 risks a slide to support at 109.10/00. Unlikely but further losses meet a buying opportunity at 108.75/65, with stops below 108.35. Next targets on a break above 109.95 are 110.25/30 & 110.80/90.
The greenback continues to fall and soon USD/JPY will meet again the 109.00 handle. Technical structure suggests further declines, but let’s see what NFP will bring.