USD/JPY - Runs into trend line resistance on stimulus talk

FX_IDC:USDJPY   U.S. Dollar / Japanese Yen
USD/JPY             rose for the second day as investors expect Japanese government to come up with a fresh fiscal stimulus . Bank of Japan too is expected to announce fresh stimulus in support of the fiscal stimulus, thus making it a double barreled effort.

The pair ran into short-term falling trend line resistance of 103.62 before retreating sharply to 103.10 levels,


Despite Dollar's retreat from 103.62 ( trend line hurdle) to 103.10, the bid tone remains intact, although fresh bids are seen only in case of a 4-hr/daily closing above the falling trend line . Such a move would add credence to the rebound from 100 levels and open doors for 105.55 levels.

On the lower side, only a day end closing below 100 would signal bullish invalidation and could yield a drop to 99 levels.
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