USD/JPY is currently trading within familiar ranges while we await the week's events to unfold for the major. We have now moved onto the Nonfarm Payrolls as next potential catalyst, disappointed by the lack of action around the BoJ and look to the US economy to guide the price into the year end.
This week's numbers and further US data will be crucial in the decision making process for the FOMC in respect to whether they will be positive enough to leave the door open for a potential rate hike in December's meeting or not.
USD/JPY bulls are subdued and would still need to fully exceed the 200 DMA en route to 20 SMA on the weekly at 121.90. That is going to be a tough level to exceed through the recent highs of 121.43. To the downside, 120.20 and then 120.12, weekly 55 SMA, still act as supports ahead of 118.80, early Sep lows.
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