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Forex: USD/JPY stalls below 94.20 stops

With USD/JPY at 94.11, off fresh session/3-day highs at 94.15, and stops above 94.20, Eamonn Sheridan from ForexLive said, Yen keeps being sold across the board, while Nikkei index gains more than +2.20% for the day above the 11400 points mark. After few days as the strongest currency among majors, up +2% in 3 days, Yen is again on its way to being the weakest one in last 2 days, along with Pound and Euro.

As FXWW founder Sean Lee notes: “USD/JPY has popped up 10 pips through 94.00 on comments from PM Abe regarding future BOJ choices eg buying foreign bonds or affecting the stock market,” the analyst said. The pair is up +0.69% since previous weekly close Friday, while USD index is at 1-month highs, and gold and oil showing weakness near multi-day lows.

Immediate resistance to the upside for USD/JPY shows at mentioned session highs 94.15, followed by Feb 11/12 highs at 94.41/47, and May 2009 highs at 94.98. To the downside, closest support lies at Feb 08/13/14 highs 93.76/71, followed by Feb 06 lows at 93.27, and Feb 13 lows at 92.80.

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