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Session Recap: USD/JPY jumps above 114.00; EUR/USD extends declines

FXStreet (San Francisco) - The dollar is trading higher as investors are betting on strong economic data from the United States and the weakness of the euro and the yen. The USD/JPY operates at highest since December 2007.

EUR/USD extended its downward trend for the fourth consecutive day to test the 1.2450 area on Monday. The pair is closing at 1.2480. Investors focus on monetary ECB meeting on Thursday.

USD/JPY continues its climb to infinity and beyond after the BoJ's bazooka and solid US economic data. The couple jumped today to the highest level since 2007 at 114.20. The pair remains bullish.

Maind headlines in the American session

October 2014 US ISM manufacturing PMI 59.0 vs 56.2 exp

United States Construction Spending (MoM) came in at -0.4% below forecasts (0.7%) in September

October 2014 US Markit manufacturing PMI 55.9 vs 56.2 exp

Wall Street closes mixed ahead of mid-term elections

EUR/JPY retains the 142 handle with resistance at 142.60

EUR/JPY is trading at 142.35, up 0.16% on the day, having posted a daily high at 142.39 and low at 142.12.
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New target for USD/JPY is 120.00 - JPMorgan

JP Morgan FX Strategists see USD/JPY appreciating to 120 by September 2015, following the BoJ further ease/GPIF announcement.
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