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Where Will USD/JPY Find Support?
USD/JPY is down nearly three big figures this week as the disappointment regarding Fed rate hike delay and the massive selloff in stocks has created a one two punch on the pair. The key question now is where is support?
The pair likely will find some bids against the 121.50 level and certainly well ahead of the key 120.00 level. Next week the market will get a look at US GDP figures which are expected to be rise to 3.2% which may boost investor enthusiasm and stem the selloff. For now the pair appears to have stabilized ahead of the 121.50 level and unless the selling in equities continues it may finally find support.