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Forex: USD/JPY hovering over 98.00

FXstreet.com (Barcelona) - The stronger US dollar is pushing the cross to the boundaries of the key resistance at 98.00 on Thursday, bolstered by the upbeat sentiment after the ECB lowered the refi rate by 25 bp to 0.50%, banging on expectations.

It is worth recalling that the Japanese yen has been gaining momentum lately after government officials expressed their concerns about the consequences of the ongoing aggressive QQE programme.

According to Camilla Sutton at Scotiabank, the outlook on the cross remains “neutral shifting to bearish. The next level of support lies at the 50-day ma at 95.99… We hold a year-end USDJPY forecast of 105”.

The cross is now up 0.66% at 98.03 with the next resistance at 98.40 (high May 2) followed by 98.45 (Tenkan-Sen line) and then 98.51 (MA200h).
On the downside, a breach of 97.61 (MA100h) would clear the way to 97.02 (low May.2) and finally 96.99 (low Apr.30).

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