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Forex: USD/JPY capped at Friday’s close at 98.37

FXstreet.com (Barcelona) - The USD/JPY has been trading rangebound, with a low at 97.64 and a high at 98.36 during the Asian session, but as the European shift unfolds, the market seems to be more inclined to the upside and to retrace this week’s losses. As of writing, the pair is quoting at 98.20 (+0.08% on the day) and looking to retest the current daily high and Friday’s close at 98.37.

The Yen may be driven by the G20 meeting that starts today and will be focusing on the aggressive monetary easing by the Bank of Japan. The economic calendar showed rising exports in Japan, by from -2.9% to +1.1% in March, beating +0.4% consensus. Imports eased, from 11.9% to 5.5%, below the 6.3% expected. The adjusted Merchandise trade deficit narrowed from ¥-1,086.581B to ¥-921.976B, better than the ¥-934.500B expected.

“The USD/JPY currency pair continues forming an ascending structure; it may be completed at the level of 98.90. We think, today the price may start falling down towards an ascending channel”, wrote Roboforex.com analyst Igor Sayadov. “Later, in our opinion, the pair may consolidate for a while, break the channel, and continue moving downwards to reach a predicted target at 93.70”, he added.

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