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Forex: USD/JPY testing the 99.00 level

FXstreet.com (Barcelona) - The USD/JPY has streamed ahead Monday, building on last week’s steadfast performance, which came on the back end of a BoJ policy overhaul. In other notable moves, the cross summited the 99.00 level (99.01 session high) for the first time since 2009. At the time of writing, the pair is trading at 98.92/93, having jumped +0.69% above its opening.

According to Research Analyst Gareth Berry at UBS, “We remain bullish on the USD/JPY, as the sharp rally extends this morning and is approaching important resistance at 99.850; a break above here would open 101.45. Meanwhile, support is at 95.77.”

The Bank of Japan started to implement last week's policy decision overnight, offering to buy JGBs through the same standardized auction procedure it has used many times before. The size on this occasion was much larger than usual though, which raised the risk that not enough JGB holders would come forward to participate.

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