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Forex: USD/JPY bouncing off lows, around 92.65

The Japanese yen is extending its appreciation against the greenback on Friday, trading in the 92.60/65 region after bottoming in the proximities of 92.20, as risk aversion is pushing higher.

Against the backdrop of the G20 meeting, Sean Callow, analyst Westpac, commented, “A draft communiqué said the G20 would commit to avoid FX rate “misalignment”. The commentary on sidelines will be watched closely, particularly on JPY and to a lesser extent EUR. Officials from France, Germany, S Korea and Canada have all mentioned “concerns” of varying degrees since the yen sell-off accelerated”.

At the moment, the cross is losing 0.19% at 92.71 with the next support at 92.22 (low Feb.15) ahead of 92.17 (low Feb.8) and finally 91.96 (low Feb.5).
On the flip side, a break above 93.12 (high Feb.15) would open the door to 93.72 (high Feb.14) and then the psychological mark at 94.00

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