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Forex: USD/JPY higher on Kuroda's promises; Again

FXstreet.com (Barcelona) - USD/JPY is currently printing fresh session highs at 94.40 on the back of BoJ's Kuroda comments to Japanese parliament. It looks like no matter how many times they repeat the same speech, it always works out the same way, devaluing the Yen. The pair bounces from fresh 3-week lows at 93.50, printed by mid NY session following FED's Bernanke words. Nikkei index is still down -0.31% for the day, around the 12500 points mark. The CSPI index showed a positive figure at +0.1% for the first time since July last year.

USD/JPY manages to go back to flat for the week, off yesterday's weekly highs at 94.96. Friday's lows around current levels are so far working as resistance. According to ForexLive, Kuroda will be answering questions until 03:00 GMT. He's expressed confidence in achieving the 2% inflation target in a 2 year time span. Last time Japan inflation touched the 2% level was back in 2008, though 16 year average is at zero level.

Immediate resistance to the upside for USD/JPY shows at Feb 11 highs 94.46, followed by March 19 lows at 94.70, and mentioned yesterday's weekly highs at 94.95. To the downside, closest support lies at March 17 lows 94.05, followed by past NY session 3-week lows at 93.50, and March 05 lows at 92.91.

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