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Short

USD/JPY edges higher from 5-week low of 105.73, bias lower

FX:USDJPY   U.S. Dollar/Japanese Yen
313 0 13
USD/JPY             has breaks major support at 106.40, hits new 5-week low of 105.81.

The Bank of Japan is expected to remain on hold at its monetary policy meeting scheduled on June 16.

Uncertainty at FOMC meeting scheduled on June 14 to 15, also supports reasons for the BoJ to remain muted this Thursday.

The pair remains capped below 5-DMA, has broken below 106.08 (weekly 200-SMA) and is testing lower Bollinger band at 105.75.

Downside could see test of 105.55 (May 3rd lows) and then 105.20 ( Oct             13th low).

On the flipside, immediate resistance is seen at 106.40 ( trendline ) ahead of 106.82 (5-DMA).

Good to sell rallies around 105.95/106 levels, SL: 106.50, TP: 105.55/105.20
Trade closed: target reached: USD/JPY plummets over 100 pips after BoJ inaction, hits lowest since Sept 2014 @ 104.54

Profit booking likely at lows, pair edges higher.

Next support on the downside at 104.03 (Sept 2014 low).
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