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USD/JPY on the back foot, 105.00 under threat

FXStreet (Moscow) - USD/JPY is trying to get back below 105.00 level after trading at Asian high of 105.31 as the markets are reacting to Japanese cabinet appointments.

Investors like new cabinet

JPY is growing across the board after the announcement of new cabinet members due to buy the rumor sell the fact principle. The Prime Minister Sinzo Abe decided to bring in some new faces after keeping his team unchanged for a record 617 days. Mr. Shiozaki, who is pursuing the pension funds reform, was confirmed as the new Minister of Health, Welfare, and Labor. Potentially, this is negative for JPY as funds reallocation towards riskier assets might mean capital outflow.

What are today’s key USD/JPY levels?

Currently, USD/JPY is trading at 104.98 with the support below at 104.50 (5-dma) and 104.28 (50% retracement of 103.55-105.01); the resistance is seen at 105.31 (current Asian high) and 105.44 (2014 high).

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