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USD/JPY in multi-year highs near 114.50

FXStreet (Edinburgh) - The greenback keeps pushing higher on Wednesday, lifting USD/JPY to the mid-114.00s, or fresh multi-year highs.

USD/JPY is all about the USD

Spot is trading around 114.50, levels last seen in November 2007, fuelled by the solid performance from the US dollar. Of course the recent deeper depreciation by the Japanese currency is also collaborating with the upside, which now has the 115.00 handle in the crosshairs. Strategists at OCBC Bank observed “we have maintained that this pair remains the cleanest pair with which to express a trade idea based on central bank policy dichotomy”. Ahead in the session, US Services PMI gauged by Markit, the ADP report on the private sector’s labour conditions and some Fedspeak, will drive the price action, all preceding the BoJ minutes early in the Asian session.

USD/JPY levels to watch

At the moment the pair is advancing 0.67% at 114.45 and a breakout of 114.66 (high Dec.27 2007) would open the door to 114.79 (high Nov.6 2007) and finally 114.82 (high Nov.5 2007). On the flip side, the immediate support lines up at 113.42 (low Nov.5) ahead of 113.15 (low Nov.4) and then 112.42 (low Nov.3).

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