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Forex: USD/JPY with 93.70 limiting the upside

After yesterday's strength, print of a high at 94.06 and following retreatment, the USD/JPY has been unable come back above 93.70. The pair made another attempt recently, being rejected and dropping below 93.60.

Japan Machinery Orders rose +2.8% in December (consensus of -0.7%). following a +3.9% rise in November, and totalling +9.6% gains in the last three months. “The improvement here adds to other reasons e.g., government fiscal stimulus and the stimulatory impact of the weaker yen, to expect the economy to do better this year than last”, wrote Rabobank analyst Adrian Foster, pointing also to the previous PM as responsible.

UBS analysts are bullish on the pair: “The strong resistance at 94.13 indicates the immediate risk is for a setback to unwind the overextended upside conditions”, wrote analyst Geoffrey Yu, pointing to support at 91.77.

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