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USD/JPY eases off session highs to 102.45/49

FXstreet.com (Barcelona) - The USD/JPY pared most of yesterday’s losses overnight, recently capped at the 102.59 figure (session high), before easing back towards 102.45/49 in these moments during European trading.

At this juncture the cross is operating +0.20% above its opening Friday and Mataf.net analysts point to resistive means for the USD/JPY at 102.66, onto 103.10, and ultimately 103.51. Conversely, a break below the 101.81 handle will initiate support at 101.40 and 100.96.

“JGB yields are now significantly higher than they were before Kuroda's announcement on April 4th. That's a mixed blessing for life insurers who prize the absence of volatility as much as attractive returns. However if the JGB market eventually finds a new stable equilibrium at these higher yields, the case for investing overseas in search of yield enhancement would be somewhat undermined. In this case, a further extension of the USDJPY rally may be delayed until the Fed signals concrete plans to taper QE3 bond purchases.” warns Research Analyst Gareth Berry at UBS.

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