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USD/JPY quietly preparing for the next leg

USD/JPY has been trading in a relatively quiet (~90 pips) range this week - a new trend leg in the making. Main event risks are FOMC Minutes later today, U.S./China tariff exchange tomorrow morning and then U.S. labour market report in the afternoon. 100 - 100.25 (includes 200 DMA) is the support and 111 - 111.25 the resistance.
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New quarter underway, but holiday trading today

Markets continue to trade in tight ranges, as one would expect on Easter Monday. Otherwise, a new quarter is underway and we can expect themes such as increased stock market volatility, trade wars and central bank monetary policy normalization to continue. GBP/USD is trading near the middle of the 1.375 - 1.425 range, probably headed lower to retest the support.
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USD/JPY jumps in thin market

Even though there are holidays in many countries today, traders have been eager to get on board of USD/JPY move, which does seem to have at least some potential still. The pair jumped 50 pips in two hours as European session got underway.
115.50 - 116 held on Friday and is the first stronger support area to watch before 114.50 - 115. Last week's high (117.80) is the initial resistance. A successful break would target December high (118.65) and then 119.50 - 120.
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Holiday trading until Tuesday

Good Friday and Easter Monday holidays will make this weekend four days long instead of usual two days. Even though U.S. resumes trading on Monday, full participation is not expected until Tuesday.
We've already been witnessing low liquidity and volatility. Both shall remain on low levels during this period, though there's always a possibility of a sharp move in such conditions.
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