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USD/JPY keeps highs near 116.40

FXStreet (Edinburgh) - The softer tone in the Japanese yen remains intact on Friday, pushing USD/JPY to fresh multi-year highs near 116.40.

USD/JPY focus on sales tax delay, snap elections

Market speculations regarding a reschedule of the sales tax hike and a call for snap elections by Abe’s government continue to add selling pressure to the Japanese currency, confining the JPY to trade in multi-year lows vs. the US dollar around 116.40, levels last seen in October 2007. “Whatever the outcome on the timing of the delay, the delay itself and the snap election seem very well priced to us at current levels but a further modest push higher is still most probable”, assessed Derek Halpenny, European Head of Global Markets Research at BTMU.

USD/JPY relevant levels

At the moment the pair is up 0.54% at 116.40 facing the next resistance at 116.70 (high Oct.18 2007) ahead of 117.00 (psychological level) and then 117.20 (high Oct.17 2007). On he downside, a break below 115.72 (low Nov.14) would open the door to 115.31 (low Nov.13) and finally 115.02 (10-d MA).

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