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USD/JPY holds 110.00 in it’s sights

FXStreet (Guatemala) - USD/JPY is trading at 109.56, down -0.18% on the day, having posted a daily high at 109.86 and low at 109.55.

USD/JPY is holding up at critical levels sub 110.00, with the Nikkei up over 1%. Meanwhile, the bulls can now be somewhat relieved that key policy makers in Japan could be turning in favour of a weaker domestic currency. The 110.00 handle, subsequent to this week’s take on the FOMC minutes, could well be achieved with higher market closes setting the pair up for further sustained gains.

USD/JPY not moving too fast

Alfonso Esparza, Currency Strategist at MarketPulse explained that Japanese Prime Minister Shinzo Abe and Bank of Japan Governor Haruhiko Kuroda both tried to calm local concerns that the Yen slide is happening too fast. “The PM Abe addressed councillors in the Japanese Diet and he told them that a virtuous economic cycle is about to begin. BOJ’s Kuroda for his part tried to reassure investors by saying the weakness of the currency is positive if it truly reflects fundamentals. Kuroda told the parliament that a weak yen is good for exporters but the imports have to be managed. He considers the net effect positive”.

USD/JPY support and resistance levels

Support levels: 109.70 109.45 109.15

Resistance levels: 110.10 110.50 111.00

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