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Forex: USD/JPY rebuffed by 100.00 level, turns negative

FXstreet.com (Barcelona) - The USD/JPY initially pushed higher Monday, unable to scale the psychological 100.00 barrier, whereby capping at 99.90 (session high). In recent minutes, the cross has traded sideways, paring its gains to settle negatively at 99.75/78 at the time of writing.

According to the UBS Research Team, “We think the currency pair is likely to trade above 100 in the near term as Japanese investors start to shift more funds abroad and expect the yen to weaken to 110 by year end.”

“The USD/JPY opened positively this week, as we see it stable on levels close to significant resistance levels extending around 99.85. In general, the pair is in the ascending channel and the linear regression indicators are positive supporting extending positivity.” notes the ICN.com analyst team.

Mataf.net analysts point to supports at 98.65, ahead of 97.49, and finally 96.88. On the ascension, a break above 100.43 will enable short-term resistances at 101.04, and finally 102.21.

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