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USD/JPY trading at session lows at 100.15/17

FXstreet.com (Barcelona) - The USD/JPY is establishing fresh session lows in these moments at 100.15/17 Monday, following what has been a gradual decline throughout the overnight and European trading thus far.

At the time of writing, the pair has moved lower to the 100.15/17 level, down -0.24% off its opening. Mataf.net analysts calculate supportive measures for the USD/JPY at 100.03, onto 99.59, and ultimately 98.97. On the ascension, a break above the 101.09 handle will initiate resistance at 101.71 and 102.15.

The Bank of Japan pledged last week to increase the frequency of JGB purchases again to reduce volatility in government bond markets. Avoiding repeats of the corrections seen in Japanese equities and undue attention to the country's fiscal position, both of which are leading to financial instability, are the main drivers behind such changes. However, “upon greater introspection and BoJ will probably be even more concerned that barely two months into their QQE program, the efficacy of their policy is at risk of being seriously curtailed.” Notes Research Analyst Gareth Berry at UBS.

According to the ICN.com Technical Analyst Team, “The bearish correction brought the USD/JPY closer to 99.85 level, however negative signals are still dominating the pair, represented via its linear regression indicators trading negatively in addition to extending the bearish move on RSI trading now below line 50. Moreover, trading below 102.50 is negative, while stability below 101.70 is far more problematic, which is likely to test 99.85 levels; breaking is might extend the correctional bearishness.”

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