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Forex: USD/JPY below 93.50 on more BoJ-related jawboning

The Japanese Yen has been paring its losses in the last few hours of trading, just as shadow FinMin in Japan, Mr. Maehara, crossed the wires to say that BoJ candidate with extreme reflationary policy profile is not desirable. Such headline would make the leading candidate, Mr. Iwata (most dovish) not the ideal pick, in theory.

The USD/JPY is presently just below 93.50 as the constant jawboning from policy-makers continue. One can not help but notice that until the new BoJ chief is officially announced, all Yen crosses will remain trading choppy on a headline-to-headline basis. If pressure intensifies, the next key support is found at 93.15, swing low from Feb 20. On the upside, watch 94.00 round number.

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