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USD/JPY: Bullish trend prevails - FXStreet
The dominant bullish trend should prevail this week, with pullback still seen as buying opportunities despite the overextended move, notes Valeria Bednarik, Chief Analyst at FXStreet.

"Latest retracement has found buyers in the 108.50/60 price zone, now immediate support, with 1 hour indicators aiming higher around their midlines, and moving averages maintaining their bullish slopes well below current price."

"In the 4 hours chart, indicators head higher in overbought territory after a limited downward correction, supporting the dominant bullish trend. Retracements down to mentioned price zone will likely attract buyers again while a break above 109.45 exposes the pair to an advance up to 110.00 critical figure
The Financial Times is reporting that Japan will most likely go ahead with a planned second tax hike for October next year, following an interview with Japan’s economy minister Amari.

The FT cites Amari, who said that a “second increase in taxes was necessary to meet rising costs for social security and to prevent a collapse in confidence in Japan’s ability to rein in its vast budget deficit.”

The FT adds: "In judging whether the consumption-tax hike is going to be implemented or not, we have to think whether any kind of measures can be taken so that the economy does not sink back into deflation. The key point here is that the Bank of Japan and the government should be aligned with each other.”
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