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USD/JPY fast approaching Oct high ahead of BoJ

FXStreet (Bali) - USD/JPY continues to be invigorated driven by positive risk sentiment flows and further assisted by riskier-than-expected GPIF asset re-allocation talk, allowing the pair to set its highest since Oct 6th at 109.44.

Jim Langlands, Founder at FXCharts, offered his view on the pair, noting that "momentum seems to suggest that further gains may be in store. Above the 109.50 will find sellers at around 109.85 ahead of 110.00 and the 110.08 trend high. On the downside, 109.00 will see bids ahead of importers, lined up at around 107.75. There are some large 108.50 option expiries today so there is a chance that this could attract although right now it seems doubtful."

The main mover for JPY in Asia will be the BOJ meeting/press statement later on, which according to Jim, "could provide some impetus to push it higher, as no change in policy is anticipated but the BOJ are expected to cut GDP expectations and are likely to hold on to their 2% CPI target, though with a less stringent timeframe for achieving it."

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