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USD/JPY up to test key 118.00

FXStreet (Guatemala) - USD/JPY is trading at 117.89, up 0.14% on the day, having posted a daily high at 118.01 and low at 117.67.

USD/JPY has moved up to test the 118 handle on a continuation having broken the descending resistance line earlier and trades at the highest level in the pair since OPEC announced its plans to remain with its current quota of production in 30 million barrels per day which has supported the greenback so far.

However, when full markets return to business we will get the true reaction to this outcome of their meeting overnight and we will see whether markets will begin to price in a disinflationary global outlook and what that might mean in respect to the Feds interest rate decisions in 2015.

Ahead today we will have a slew of Japanese data shortly with the inflation that may settle down to a 3%y/y on headline number. Then economists expect retail trade, industrial production and household spending to be weak. We will then wait for Tokyo to step in and see how the OPEC news is digested and traded.

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