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Jan 17 - 06:55 AM

USD/JPY - Weighed Down As BOJ Rate Decision Looms Large

By Martin Miller  —  Jan 17 - 04:41 AM

• USD/JPY is down, but not out, ahead of the BOJ decision

• Nikkei: majority of BOJ members to approve hike next week

• USD/JPY has seen a 154.98-155.85 range, on Friday, on the EBS

• Specs hunted for stops, good bids noted at lows

• Support was found one pip ahead of major 154.97 Fibo

• 154.97 Fibo is a 38.2% retrace of 148.65 to 158.88 (Dec to Jan) rise

• 30 and 60-day correlations between USD/JPY and EUR/JPY remain above +0.50

Daily Chart:


Seasonality Chart:


(Martin Miller is a Reuters market analyst. The views expressed are his own)

Source:
London Stock Exchange Group | Thomson Reuters

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