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Forex: USD/JPY surges ahead to 93.12/18

FXstreet.com (Barcelona) - The USD/JPY has risen again sharply Friday, as the G20 meeting goes on today. With the JPY in full retreat across the board, the cross has settled at 94.12/18, slightly off its session highs of 99.36 in recent minutes. At this juncture the pair is operating at +1.03% above its opening.

According to Research Analyst Gareth Berry at UBS, “In terms of the USD/JPY, the intraday indicators suggest a bullish trend, as there is scope for a test of resistance at psychological 100.00; a break above would open 101.45, while support is at 97.22 and 95.80.”

“We didn’t witness a sustained breakout above yesterday’s detected strong resistance at 98.65 despite the positivity appearing on technical indicators. This positivity may damage the classical structure-rising wedge- and thereby, we prefer to be neutral today for the USD/JPY.” notes the ICN.com analyst team.

Markets will be watching to see if Japan comes under fire as they continue to flaunt their taste for controversial policies that have led to a rapid devaluation of their currency. The USD/JPY is already on the bounce this morning, moving just through the 99.00 level, as the market awaits for the inevitable break above 100.00.

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