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USD/JPY Rose to 120.30 in Thin Japan Holiday Market, Dollar Firms

Posted by Chris Advincula on Sep 21, 2015 6:33:00 AM

The US dollar regains its pose in a thin European morning session and made steady gains against the yen to rally to the high of 120.38 from 119.80 (+58 pips) after trading in a narrow 34 pip range of 120.10-119.74 in the prior Asian session.

The market is thin with the Japanese participants away for a three day market holdiay. The yen weakened Monday, on the prospect of the Bank of Japan may ease monetary policy after the Fed postponed a rate hike. 

However, the move is not a trend but rather the quarter-end position adjustments by trades. Over the weekend, San Francisco Fed President John Williams said that a U.S. rate hike decision last Thursday was a "Close Call" - Fox news Saturday, which prompted some dollar buying interest in Europe this morning. 

The 14-day moving average made steady gains to 120.32 from 119.76.

Near-term resistance: 120.40 120.70, 120.95. 121.10

Near-term support: 119.70 119.10, 118.95

JPY.9.21 resized 600 

Chart: WorldWideMarkets Alpha Trader

Topics: $USDJPY, Fed, forex trading, European Session, Japanese Yen, Fundamentals


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