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USD/JPY – below 103.00

FXstreet.com (London) - The JPY’s weakness of late has been attributed to broad dollar strength and an economy calling for an end to their deflationary woes, with ministers manipulating the strength to the currency and the G7 allowing it.

However, having breached the 103.00 level in markets last week, a four and a half year high, the pair have opened around the official London open at 102.67. This is following the Asian market's reaction to comments from Japans economic minister warning that the yen’s excessive strength has been largely ‘corrected’ and further weakness could be ‘harmful’.

The pair is supported at 102.50 with resistance 103.15 in a trend on a short-term basis that has been to the upside targeting 105.00 psychological level. The trading range for this week is sighted within key support 100.35 and 105.05 in an ascending channel. The market will be listening out for either hawkish or dovish announcements around the BoJ monetary decision on May 22nd.

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