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USD/JPY hits fresh 1-month lows

FXStreet (Córdoba) - USD/JPY broke below 121.20 and tumbled to 120.81 hitting the lowest level since November 3. The pair then bounced to the upside finding resistance at 121.30. It was trading at 121.00/05, 50 pips below the level it closed yesterday.

Greenback weakened recently against the European currencies and the yen amid reports that the Chinese central bank would loosen its peg with the US dollar according to DJ.

USD/JPY extending weekly losses

With the recent slide the pair is now down more than 200 pips from the level it had a week ago. It is suffering the worst weekly decline since August. The slide of the US dollar occurred days before the FOMC decision, where market predictions signal that the Federal Reserve will raise the Fed Funds rate by 25 basis points.

Today’s economic data from the US had little impact on the market. A higher than expected inflation data failed to lift the USD/JPY. The pair is moving with a downside bias since the second half of the Asian session.

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