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Forex pairs in this Article » USD/JPY (Edinburgh) - The USD/JPY seems to be stabilizing in a narrow range between 104.60 and 104.80 on Tuesday, following a better tone in the USD.

USD/JPY eyes on BoJ meeting

The greenback trades on a better mood following earlier comments by Fed-watcher Hilsenrath, stating the chance that the Fed might cut its bond purchases another $10 billion in next week’s meeting. In another direction, tomorrow’s BoJ monetary policy meeting would grab all the attention in light of the recent upbeat data from consumer prices. “We expect the BoJ to maintain its current policy stance which is unlikely to have any impact upon yen direction”, argued Lee Hardman, Currency Analyst at BTMU.

USD/JPY key levels

As of writing the pair is up 0.46% at 104.68 with the next resistance at 104.92 (high Jan.16) ahead of 105.00 (psychological level) and then 105.42 (high Jan.10). On the downside, a breakdown of 104.15 (low Jan.21) would open the door to 104.14 (Tenkan Sen line) and finally 103.98 (Kijun Sen line).
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