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    Market analysis USD/JPY Outlook (22 September 2020)

    Related product:Forex
    Market analysis:Overall, USD/JPY is trending downwards. Recently, USD/JPY strengthened and bounced off the support zone of 104.400 after a strengthening in USD due to an increase in demand caused by a strong sell-off in various stock markets.

    Japanese banks will be closed today in observance of Autumnal Equinox Day. Lower trading volume and volatility is expected during the Japanese trading hours.

    The Japanese Flash Manufacturing PMI data (Forecast: 48.0, Previous: 47.2 revised from 46.6) will be released tomorrow at 0830 (SGT).

    Currently, USD/JPY is moving towards the support zone of 104.400 and the next resistance zone is at 105.400.
    Look for short-term buying opportunities of USD/JPY if it bounces off the support zone of 104.400.

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