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Forex pairs in this Article » USD/JPY (London) - USD/JPY had been pushing back above the 100.00 handle last week reaching 100.45 ahead of 100.60 resistance and started to tail off on Fridays session into the close with no extension in the Nikkei.

USD/JPY has met further supply on the open of this weeks session pushing through 100.00. The pair has printed a gap on the charts from 100.20 to 100.00 and recorded a low of 99.79. The market is however still long USD/JPY as noted by the 20% increase in YEN shorts last week in IMM data, so buying dips might remain the theme with support in 99.70/80 and 99.40/50. From the calendar, the main event according to Danske Bank analysts is the NAHB housing index in the US which is the first indicator for the strength of the US housing market in November. Also, they note, Fed's William Dudley (voter, dove) and Charles Plosser (voter, dove) are both scheduled to speak. “Dudley's speech will be the most important as his views are believed to be close to Ben Bernanke's and Janet Yellen's”.

USD/JPY Levels

The 20 DMA is 98.55, the 50 DMA is 98.50 and the 200 DMA is 97.91. RSI (14) reads 43.24. supports are ascending from 99.37, 99.56, 99.73 and 99.93. Spot is currently 99.98 while resistances are 100.47, 100.62, 101.05 and 101.30.
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