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FxWirePro: USD/ JPY drifts lower , could be on verge of a bigger drop

• USD/JPY drifts lower on Thursday   as yen firmed as traders speculated on the possibility of the Bank of Japan raising interest rates later this month.. 

• Expectations have been rising that the BOJ will raise rates at its Dec. 18-19 meeting, fueled by recent comments from Governor Kazuo Ueda.

• USD/JPY has seen a 150.84 -149.72 range on Thursday. Scope is growing for much bigger drop  towards  148.50 level.

• Technical signals are bearish as RSI is heading down  at 49, daily momentum studies  5, 9 and 11 SMAs are trending down.
 
•  Immediate resistance is located at 150.84 (50%fib), any close above will push the pair towards 152.48 (61.8%fib).

•  Support is seen at 149.63 (23.6%fib) and break below could take the pair towards 148.74(Lower BB).

Recommendation: Good to sell  around 150.30, with stop loss of 152.00 and target price of 148.50
 

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