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Forex: USD/JPY extending weekly losses

Despite the rise in equities ahead of expectations of a “stimulating” BoJ, the USD/JPY moved lower on Wednesday. Retracing late US session gains and dropping to lower levels in the week, coming as low as 93.14.

The market has been spending the week under consolidation in a tight range. Japan's All Industry Index rose +1.8% in December (MoM), beating +1.6% consensus.

UBS analysts are bullish: “Strong support at 92.17 prompted a recovery ad there is scope for extension of the bull trend”, wrote Gareth Berry, pointing to resistance at 94.46 ahead of 97.79.

Asian markets rise, Korea outperforms and Japan up ahead of BoJ

The new BoJ Governor will be nominated soon and investors saw it as a chance to sell more Yen and embrace equities. Japan's Nikkei Stock Average rose +0.84%. The top performer of the session was, however, South Korea's Kospi as it gained +1.95%. Mainland China's Shanghai Composite edged higher by +0.60% and Hong Kong's Hang Seng rose +0.42%. Indexes in Malaysia, India and Indonesia moved were somewhat pressured.
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