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USD/JPY rises above 118.00

FXStreet (Córdoba) - The rally of the dollar against the yen broke another barrier Wednesday, as USD/JPY climbed to a fresh 7-year high above 118.00 after the FOMC minutes.

Even though minutes were not particularly surprising, they showed FOMC members debated what to say to markets about the pace of future rate hikes. Meanwhile, minutes held a slightly downbeat view on growth and inflation but included a more hawkish assessment of the labor market, saying underutilization “had continued to diminish”.

USD/JPY initially moved south but it was contained by 117.50 and the run to a fresh cycle high of 118.05. The pair is currently trading at 117.90, still up 0.91% on the day, with next resistances at 118.05 (2014 high Nov 19) and 118.57 (Aug 13 2007 high).

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