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Chart - Courtesy Trading View
USD/JPY was trading 0.75% higher on the day at 120.36 at around 05:00 GMT, outlook is bullish.
The Japanese yen remains sold-off after the Bank of Japan (BOJ) kept interest rates unchanged at -0.1%.
Also, the risk barometer continued its five-day winning streak on Tuesday aiding the broader sell-off in the haven Japanese yen.
Investors will focus on Tokyo’s Consumer Price Index (CPI) numbers from the Statistics Bureau of Japan, due on Thursday for further impetus.
Technical indicators are strongly bullish. Oscillators are at overbought levels, but no signs of reversal seen.
Major Support Levels:
S1: 119.25 (5-DMA)
S2: 118.10 (200H MA)
S3: 117.24 (21-EMA)
Major Resistance Levels:
R1: 121
R2: 121.48 (2016 high)
R3: 122
Summary: USD/JPY is likely to witness further upside amid bullish technicals, risk-aversion and firmer yields. Next bull target lies at 121.48 (2016 high).
