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USD/JPY hovering over 118.00

FXStreet (Edinburgh) - After bottoming out around 117.40 overnight, USD/JPY managed to pick up pace and recover to the current vicinity of 118.00 the figure.

USD/JPY choppy, focus on Abe

The JPY is gaining some ground vs. its American counterpart on Friday following the recent comments by Japanese officials, suggesting that last week’s depreciation of the yen was too fast (Finance Minister Aso) and that the exchange rate will eventually reflect the conditions of the domestic economy (Economics Minister Amari), ruling out at the same time any considerations whether the yen is overvalued or undervalued. Further news from the Land of the Rising Sun notes that PM S.Abe dissolved the Parliament this morning and called for snap elections due on December 14th. Abe regards the elections as a referendum on the Abenomics, especially after the recent worrisome GDP figures showed that Japan has slipped back into recession.

USD/JPY levels to watch

At the moment the pair is down 0.04% at 117.96 with the immediate support at 117.36 (low Nov.21) ahead of 117.00 (psychological level) and then 116.81 (Tenkan Sen). On the flip side, a breakout of 118.37 (high Nov.21) would aim for 118.98 (2014 high Nov.20) and finally 119.00 (psychological level).

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