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Forex Trading Strategies USDJPY unable to break 117.80 in Asia
USDJPY stayed quiet in the Asian session after the solid gains made Monday. A test of 1.7375 looks likely in Cable as the pair looks set for more downside
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€˘ Fed member Poole was particularly hawkish in an interview late yesterday, warning that it would be better for the Fed to be over-restrictive with rate policy, than leave conditions too loose.
â€˘ In Japan Tanigaki says MOF will "see what comes out" of BOJ"s meeting before deciding what to do. The comment was in response to question whether MOF will ask BOJ to delay a possible shift in policy at its Mar8/9 meeting.
â€˘ Switzerland's Feb. jobless rate falls to 3.8%. This is better than expected by markets and a further sign of the gradually improving state of the Swiss labour market
THEMES TO WATCH â€“ UPCOMING SESSION
Today's BOC meeting with an expected rate hike to 3.75% showed some unwinding of USDCAD longs yesterday and this could be a very interesting pair to play for a reversal this week as the market seems over positioned ahead of both unemployment numbers and trade balance. Technically we support this pair as daily stochastic are turning higher and the 1.1300 looks to stay intact.
USDJPY looks to be at cross roads ahead of Thursday's BoJ meeting with Japan's Tanigaki saying the MOF will "see what comes out" of BOJ's meeting before deciding what to do. But for now the pair has reversed and a break of 117.85 will suggest that more upside is to come.
Note: the support/resistance levels used in the matrixâ€™s of this document are levels derived from yesterday high, low and close. Reference in the text to other support/resistance levels will occur.
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