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USD/JPY breaks above 116.00

FXStreet (Edinburgh) - The US dollar is now picking up pace vs. the Japanese currency, lifting USD/JPY to levels beyond 116.00 the figure.

USD/JPY in multi-year highs

The pair is trading in levels last seen in October 2007 around the key handle at 116.00, bolstered by an upbeat tone in the greenback following a solid performance in US Treasuries. Poor results from the Eco Watchers Survey plus a weaker Consumer Confidence in Japan for the month of October added further selling pressure to the yen, allowing a break above the consolidative pattern around 114.60. Emmanuel Ng, FX Strategist at OCBC Bank, observed, “the pair is expected to continue to contemplate the 115.00 resistance with investors none too concerned about any undue official discomfort towards JPY weakness”.

USD/JPY levels to consider

As of writing the pair is up 0.94% at 115.92 with the next resistance at 116.10 (2014 high Nov.11) followed by 116.70 (high Oct.18 2007) and finally 117.20 (high Oct.17 2007). On the downside, a break below 114.63 (low Nov.11) would open the door to 113.86 (low Nov.10) and then 113.42 (low Nov.5).

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