USD/JPY ranges into European session

USD/JPY has ranged overnight and into the European session, posting a high at 101.74 and a low at 101.33 and presently trading at 101.45, down -0.01% on the days trading.

Yen on defensive overnight

Overnight Japanese Economy Minister Aso spoke to the media and claimed that market principles were reflected in the weak yen under Abenomics, and that momentum is rising to reach a year end conclusion too TPP talks. Further, the government announced that it would end four decades of rice price support for farmers. Elsewhere the latest BoJ minutes were released showing that board members agreed that the 2% inflation target would be reached by the latter half of the production period, but also seeing downside risks to the economy too. They added their belief that higher corporate earnings would feed through to higher salaries for workers, supporting consumption ahead.

What are today’s key USD/JPY levels?

Today’s central pivot point is at 101.5145 with support for the pair below at 101.0990 (S1), 100.7195 (S2) and 100.3040 (S3), and resistances above at 101.8940 (R1), 102.3095 (R2) and 102.6890 (R3). Special attention should be paid to the price range 101.46-101.80 where several technical levels are confluent today.

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