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USD/JPY drops further near 100.60 ahead of FOMC

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Posted at 2016-9-23 13:10:35 | All floors |Read mode
The depreciation of the Japanese currency has now gathered extra traction, dragging USD/JPY to fresh lows in the vicinity of 100.60.
USD/JPY weaker ahead of Fed
Spot has fully faded the initial spike to daily highs near 102.80 following the BoJ meeting, as the initial dovish sentiment around the safe haven has quickly fizzled out.
The sudden increase in the demand for the Japanese safe haven has relegated the pair to levels last seen in late August around 100.60, while market participants have now turned their attention to the upcoming FOMC gathering.
Consensus expects the Committee to leave the monetary stance unchanged, while Chair Yellen’s could signal a potential rate hike at the December meeting at her press conference following the statement.
USD/JPY levels to consider
As of writing the pair is losing 0.96% at 100.72 facing the immediate support at 99.53 (low Aug.16) followed by 99.08 (low Jun.24). On the other hand, a breakout of 102.78 (high Sep.21) would open the door to 103.36 (high Sep.14) and finally 104.33 (high Sep.2).
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