Second consecutive close in the red for USD/JPY, ending yesterday’s session back below the ¥110 handle, as resurging Covid-19 infections in Japan dented the yen’s appeal. An upward revised IMF global growth forecast to 6% is providing support to the greenback, and from a technical perspective the forex pair still holds firmly above the ¥109.65 and ¥109.80 support zone, with a sustained move above ¥110 to open the doors to a retest of the 200-period moving average around ¥110.20.
Support: 109.80 / 109.65
Resistance: 110 / 110.20
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