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USD/JPY challenges tops near 109.40

FXStreet (Edinburgh) - A bout of buying interest around the greenback is now lifting USD/JPY beyond the key 109.00 handle in the European evening.

USD/JPY chasing session highs near 109.40

It seems the pair is trying to break above the 108.90/109.00 consolidative pattern now, advancing to the 109.30 neighbourhood and closer to session peaks near 109.40. Next of relevance in the Japanese docket will be the BoJ monetary policy meeting ahead of the critical inflation figures, with consensus expecting the National CPI Ex-Fresh Food to come in at 3.0% YoY, a tad lower than the 3.1% previous. “The BOJ will maintain unchanged monetary policy at tomorrow’s meeting while revising down their forecast for real GDP growth in FY2014. The lack of a clear signal for accelerated BoJ monetary easing in the near-term may temporarily weigh on USD/JPY and the Japanese equity market”, noted analysts at BTMU.

USD/JPY levels to watch

As of writing the pair is up 0.41% at 109.34 facing the next resistance at 109.85 (high Oct.6) ahead of 109.91 (high Oct.3) and finally 110.09 (2014 high Oct.1). On the flip side, a breakdown of 108,75 (low Oct.30) would aim for 107.94 (low Oct.29) and then 107.71 (Tenkan Sen).

USD/CAD consolidates below 1.1200

USD/CAD trades little changed on the day just below the 1.1200 level after the latest upward attempt stalled at the 1.1220/25 area, roughly at the same level it did yesterday.
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