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USD/JPY flirting with 119.00

FXStreet (Edinburgh) - The US is now gathering further traction vs. its Japanese counterpart, lifting USD/JPY to fresh multi-year highs in the boundaries of 119.00 the figure.

USD/JPY unstoppable

With the FOMC minutes already in the memory of the FX community, the pair resumed its almost uninterrupted upside to levels last seen in July/August 2007 near 119.00. The Japanese yen continues to depreciate despite the better figures from the trade balance during October – deficit of ¥977.53 billion vs. September’s ¥1,070.13 billion – with a significant increase in exports (9.6%). The preliminary manufacturing PMI in Japan, however lower, showed an auspicious advance from the output index which points to a recovery in the sector in the near future. Ahead in the day, US inflation figures tracked by the CPI and the manufacturing PMI gauged by Markit will take centre stage.

USD/JPY key levels

At the moment the pair is up 0.72% at 118.84 with the next resistance at 119.00 (psychological level) ahead of 119.77 (high Aug.9 2007) and then 119.84 (high Aug.8 2007). On the flip side, a breakdown of 117.89 (low Nov.20) would expose 117.00 (psychological level) and finally 116.81 (low Nov.19).

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