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USD/JPY Rate Forecast: Viva la Resistance As 110 Continues To Hold
Just when you thought US Dollar strength was a sure thing, it now looks like USD/JPY may be testing a potential double-top against 110. On Thursday, the US Dollar fell alongside the all-important US 10-year Treasury yields after inflation grew less than expected and in so doing, likely puts the brakes on the four-hikes in 2018 view that has recently helped to propel the US Dollar. Looking at the chart, the 110 level on USD/JPY appears to be formidable resistance with the 200-DMA 20 pips higher at 110.2. Beyond 110.00/20 zone is the lower high from January 18 at 111.48. A breakdown below 108.54, the April 24 low would ... (full story)