- The dollar gained against the safe-haven yen early on Wednesday, boosted by a surge in global stocks amid a recovery in risk appetite
- Japaneses PM Abe said govt eyeing corporate tax cut, markets now betting on more fiscal steps to boost economy
- Nikkei up close to 1000 points - equities rallies overseas, however USD/JPY topside limited despite surge in Nikkei
- USD/JPY is currently trading at 120.35, with next resistance located 120.70 (Daily High Sep 3) and above which it could extend 121 (Psychological Levels)
- On the downside immediate support might be located at 120.16 (200-HMA) and then at 119.62 (Sept 3 Low) and below that at 119.53 (Hourly Kijun, 50%)
R1: 120.70 (Daily High Sep 3)
R2: 120.72 (Kijun-Sen)
R3: 121 (Psychological Levels)
Support Levels:
S1: 120.16 (200-HMA)
S2: 119.62 (Sept 3 Low)
S3: 119.53 (Hourly Kijun, 50%)


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