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USD/JPY firm, firmer… near 114.80

FXStreet (Edinburgh) - The offered tone in the Japanese currency is allowing USD/JPY to remain in the area of ulti-year peaks around 114.80 on Wednesday.

USD/JPY focus on BoJ minutes

The momentum surrounding the US dollar keeps boosting spot to fresh highs, this time eyeing the 115.00 handle, last traded in November 2007. The BoJ minutes are the next risk event for the pair, with markets eagerly waiting for further details regarding the recent extra easing measures by the central bank. Strategists at Rabobank observed, “it has been confirmed that the Fed’s asset purchases programme will now cease and this emphasises the aggressiveness of BoJ easing policy. As a consequence we anticipate that USD/JPY can continue to churn higher. We forecast a move towards 1.15 on a 12 mth view”.

USD/JPY levels to watch

As of writing the pair is advancing 0.86% at 114.65 with the next resistance at 115.00 (psychological level) and then 115.93 (high Dec.2007). On the downside, the initial support lines up at 113.42 (low Nov.5) followed by 113.15 (low Nov.4) and then 112.42 (low Nov.3).

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