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Forex: USD/JPY eases off highs to 93.38/39

After peaking briefly at 93.51 (intraday maximum), the USD/JPY has eased slightly off its highs during European trading, pulling back over 10 pips to the 93.38/39 level in these moments. Despite this movement however, the pair is still entrenched in positive territory, up +0.11% Wednesday.

According to Research Analyst Gareth Berry at UBS, “We reiterate out bullish stance on the USD/JPY with trending and momentum indicators pointing higher. We will watch for a break above resistance at 94.77, opening 97.79. Conversely, support is at 92.31 ahead of 90.88.”

The economic calendar promises to be a North American affair later today, with US employment figures and Canadian headlines rounding out the afternoon. Later tonight at 23:50 GMT, Japan is slated to release several foreign investment indicators as well.

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