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USD/JPY extends its decline below 101.00

FXstreet.com (Barcelona) - The Japanese yen continues to correct lower on Monday, leaving behind once again the key support at 101.00.

In light of the renewed yen strength, Currency Analyst David Song at DailyFX commented, “The BoJ may have little choice but to further embark on its easing cycle as there remains a ‘high degree of uncertainty’ surrounding the fundamental outlook, and the central bank may include a broader range of asset classes in its quantitative easing program in an effort to encourage a stronger recovery".

The pair is now losing 20% at 100.87 with the next support at 100.66 (low May 240 followed by 100.62 (MA21d) and then 100.37 (Kijun-Sen line). On the upside, a breakout of 101.65 (hourly high May 27) would clear the way to 102.56 (61.8% of 103.74-100.83) and finally 103.57 (high May 23).

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