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USD/JPY grabs another fresh 6-year high

FXStreet (San Francisco) - After a brief period of consolidation from 106.75 to 106.50, the USD/JPY is pricing a new highs around 106.85 where the pair is finding further selling interest.

The movement is supported by Reuters news that says the BoJ bought 3-month bills at a negative interest rate earlier today. Jamie Coleman from FXBeat commented that it is "the first time that has happened. That should send a message that they are serious about maintaining super-easy monetary policy."

Currently, USD/JPY is trading at 106.63, up 0.41% on the day, having posted a daily high at 106.86 and low at 106.04. USD/JPY spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.

USD/JPY sentiment

If the pair manages to extend gains, next resistances lie at 107.00, 107.30 and 107.50. On the downside, supports are at 106.50, 106.00 and 105.70.

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