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Forex: USD/JPY aims at weekly highs of 96.69/72

After peaking at 96.69/72 earlier this week ahead of the eventual Japan lower house's decision in regard to the BOJ Governor, the decision was made today, with Kuroda being approved, and after a profit taking move to 95.69, the pair is returning to those weekly highs.

The current daily high was set at 96.53 on the European opening and the market is now consolidating at 96.30 area (+0.21%).

Japan's industrial production rose 0.3% in January, much less than the previous figure of 2.4%, with capacity utilization at 1.7% (from 2.9%). The annualized industrial production, however, improved from -7.9% to -5.9%.

“The intraday bias is positive above 96.05 support area, but while the peak at 96.69 is intact, I favor a reversal and a beginning of a slide towards 95.10”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to key resistance at 96.69 high.

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