USD/JPY 07.09.2016
The Japanese yen gained, as investors to cut favorable bets in the greenback on rising expectations that the Federal Reserve would not hike interest rate this month. The major attempted a minor recovery above the 101.50 level, however, it came under renewed selling pressure after Abe advisor Hamada stated that the Bank of Japan should wait and watch the Fed moves, which reduced prospects of a BoJ stimulus this month. The dollar trades 0.3 percent lower at 101.69, having declined to its lowest in more than a week. The short term trend is slightly bearish as long as resistance 104.89 (90- day EMA) holds. The major resistance is around 102.51 and break above targets 103/103.80. On the lower side, major support is around 101.35 and any break below 101.35 will drag the pair till 100.55/100.