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USD/JPY chart on Trading View used for analysis
- USD/JPY has bounced off major trendline support on Tuesday's trade.
- The pair retraced from lows of 111.95 to close above 112 mark.
- Price action is contained in a narrow range today, with day's high at 112.61 and low at 112.32.
- We see neutral bias for the day with scope for downside. Any bullishness only above 113 mark.
- On the flip side, we see strong support at 112, break below will see resumption of weakness.
- The combination of market risk in equities, political risk in Europe (Brexit and Italy) and economic risk around the globe will keep safe havens in demand.
- Focus now on the forthcoming Bank of Japan (BoJ) policy meeting scheduled for October 31.
- Also, U.S. Q3 GDP data due later this week will be watched for clues on further direction.
Support levels - 112 (major trendline support), 111.45 (lower BB)
Resistance levels - 112.93 (20-DMA), 113.17 (July 19 high)
Recommendation: Watch out for break below 112 handle to go short.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
