FXStreet (Mumbai) - The recovery in the USD/JPY pair ran out of steam at the hourly 100-MA at 120.80, following which the pair made its way back towards daily lows.
Drop in BOJ easing bets
The increased probability of the Fed moving rates in December has reduced the bets that the Bank of Japan would announce more easing tomorrow. Consequently, the USD/JPY failed to capitalize on the post-Fed gains and fell back below 121.00 handle.
The immediate focus is now on the US Q3 GDP estimate, following which the Yen traders would await the BOJ decision due tomorrow.
USD/JPY Technical Levels
The immediate resistance is located at 121.00 (200-DMA), above which gains could be extended to 121.50 (Oct 26 high). A break above the same would expose 121.86 (100-DMA). On the other side, support is seen at 120.58 (daily low) and 120.41 (10-DMA), under which the pair could test 120.14 (50-DMA).
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