USDJPY: At session Highs Ahead of FOMC Meeting Minutes
USDJPY trades 0.26% higher at 106.52 breaking above the 50 hour moving average having hit the daily low at 106.20 and the daily high at 106.54. The central bank of China set the Yuan rate (USDCNY) at 7.0433 versus yesterday fix at 7.0454.
Immediate support for USDJPY stands at 106.20 today’s low while extra bids will emerge at 106.04 the 200 hour moving average. On the upside first resistance stands at 106.54 the daily high and then at 106.97 the high from August 13th. The 106.00 mark is a critical level now, long positions can be opened as long as the pair trades above that figure chasing a rebound, but stop loss orders must be placed at 105.80 as if the pair breaks below, offers will step in and push the price to recent lows.
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