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USD/JPY unstoppable, aims for 118.00

FXStreet (Edinburgh) - The weakness is intensifying around the Japanese yen today, with USD/JPY now hovering over 117.70/75, levels last seen in August 2007.

USD/JPY closer to 118.00

A mixed tone from the US dollar coupled with increasing selling interest surrounding the Japanese currency is allowing another leg higher in the pair, now advancing for the fifth consecutive week. The JPY accelerated its weakness following a neutral stance from today’s BoJ monetary policy meeting and despite positive results from the domestic calendar, including the key All Industry Activity Index, surpassing forecasts in September. Morten Helt, Chief Analyst at Danske Bank, argued, “we expect any sell-off in the USD to be modest, as investors will use all opportunities to position for a stronger USD. Hence, we target USD/JPY 120 in 3M, which is equivalent to a continuation of the current appreciation trend in coming months while the GPIF portfolio reshuffle takes place.

USD/JPY levels to consider

As of writing the pair is up 0.68% at 117.72 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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