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Forex: USD/JPY finds support at 92.80 to bounce to 93.00

The USD/JPY extended its Asian session decline throughout European time, falling to as low as 92.80, where it found support to bounce back to 93.00 area. The pair had spiked to 94.00 psychological level on yesterday’s FOMC minutes.

“Fed Minutes overnight revealed that like many other central banks globally, debate over policy is rising”, wrote UBS analyst Gareth Berry, pointing to a FOMC demanding more flexibility on policy execution and calls for early slowing of stimulus, regardless of economic performance.

“The USD/JPY currency pair continues moving inside a consolidation channel near its maximums”, wrote Roboforex.com analyst Igor Sayadov. “I think today the price may leave this channel upwards, reach the target at 95, and then start forming a new correction towards the level of 91”, he added.

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