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USDJPY testing a key level

While US markets were closed, the greenback has managed to continue edging higher with a couple of Fed comments driving sentiment.

CFDs are a leveraged product and can result in losses that exceed deposits. Trading CFDs may not be suitable for everyone, so please ensure you fully understand the risks and take care to manage your exposure.
USD/JPY
Source: Bloomberg

Fed vice chair Stanley Fischer spoke in Israel of an early lift-off and gradual hiking is better than later and steep. Meanwhile, Loretta Mester said the time for a first rate hike is near. This kept a mild bid tone on the greenback and USD/JPY is still creeping towards the ¥122.00 handle.  The momentum in the price action seems to be building in the pair and this will be the third attempt at breaking this barrier over six months. I feel the current setup is enough for some traders to consider longs from current levels. A close above ¥122.00 will only give bulls more conviction. On the US calendar today we have core durable goods orders, consumer confidence and new home sales.

 

 

 

USD/JPY
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CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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