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USD/JPY in multi-year peaks above 117.00

FXStreet (Edinburgh) - The Japanese yen continues its depreciation vs. its American counterpart, lifting USD/JPY to post fresh multi-year highs in the 117.40/45 band on Wednesday.

USD/JPY softer post-BoJ

The BoJ held its monetary policy meeting today, albeit without any major announcements, in line with what was expected by the FX community. The yen keeps losing ground despite the positive data releases from today’s docket: All Activity Index up 1% in September, Leading Economic index improved to 105.6 from 104.4 in the same period and the Coincident Index climbed to 109.8 from 108.3. Ahead in the session, US Building Permits and Housing Starts are due prior to the FOMC minutes. “On a medium term horizon, we expect the pair to move gradually higher as US growth outperforms Japan’s, and relative monetary policy continues to be a supporting factor for the cross. We target USD/JPY at 122 (previously 116) in 6M and 124 (118) in 12M”, observed Morten Helt, Senior Analyst at Danske Bank.

USD/JPY levels to consider

As of writing the pair is up 0.375 at 117.36 and a surpass of 117.95 (high Oct.15 2007) would open the door to 118.00 (psychological level) and finally 118.52 (high Aug.14 2007). On the downside, the immediate support aligns at 116.81 (low Nov.19) followed by 116.33 (low Nov.18) and then 116.00 (psychological level).

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