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Forex pairs in this Article » USD/JPY (Athens) – The USD/JPY is caught in range bound trading, moving at a very tight area as of 98.55 – 98.75, ahead of the ECB’s conference and 3rd quarter’s US GDP data.

USD/JPY sits on the fence awaiting for the US data; 3rd arrow of “Abenomics” criticized

The USD/JPY was slightly under pressure due to the Nikkei decline, which closed down 0.76% mostly due to discouraging automobile companies earnings. What’s more, there are a lot of rumors and jitters on ‘Abenomics’ third arrow reforms, with a lots of more scepticable Japanese entrepreneurs to be severely concerned with Japan’s PM Abe efforts to put bans on the support of the rice farmers, as well as on the on-line drug sales. The cross seems to be in desperate need of a directional fundamental driver; thus traders should focus on today’s US GDP data, alongside with tomorrow’s NFP release.

Technical Aspects on the USD/JPY

Emmanuel Ng of OCBC Bank mentions that despite chatter created by two Fed working papers arguing for a raising of the bar with respect to tightening monetary policy, he thinks "the pair is attempting to base build off the 55-day MA (98.45) with 99.00 the next upside objective.”
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