Japanese PM Abe plans to resign

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By :  ,  Financial Analyst

Japanese PM Abe plans to resign

Earlier this morning, NHK announced that Japanese Prime Minister Shinzo Abe plans to resign due to health reasons. Also, official data showed that Japan's Tokyo CPI grew 0.3% on year in August, well below +0.6% expected. 

From a technical point of view, on a daily chart, USD/JPY is capped by a declining trend line and is challenging its 50-day moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 108.15 as the nearest support would be set at July 31 bottom at 104.15 and a second one would be set at horizontal support at 102.40 in extension.

Source: TradingView, GAIN Capital

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