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USD/JPY unstoppable, closer to 112.00

FXStreet (Edinburgh) - The Japanese yen continues to depreciate against its American counterpart on Friday, lifting USD/JPY beyond 111.80.

USD/JPY in multi-year highs

Spot keeps pushing higher at the end of the week, navigating the area around 111.80, or 7-year highs. The negative undertone in the Japanese currency intensified today following the dovish stance from the BoJ monetary policy meeting. Recall that the central bank accelerated the pace of increase in the monetary base to ¥80 trillion/year and the Japanese public Pension Fund, GPIF, announced it will increase its holdings of stocks and overseas assets in detriment of JGBs, boosting the JPY selling.

USD/JPY levels to watch

The pair is now advancing 2.38% at 111.81 and a surpass of 112.00 (psychological level) would open the door to 112.32 (61.8% of 135.20-75.31) and then 113.00 (psychological level). On the downside, the immediate support aligns at 110.19 (hourly low Oct.31) ahead of 109.33 (hourly low Oct.31) and finally 109.18 (low Oct.31).

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