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Forex News: USD/JPY opening in London and traded at 102.00 handle overnight

FXstreet.com (London) - USD/JPY has opened in the European session with snow on top of it, with highs seen above 102.15 in a gap in the hourly charts and a fresh 4 year high for the pair.

A break higher by the bulls would be targeting the 103.16, a 38.2% Fibonacci retracement, and ultimately 105.00 which is a psychological target level that traders have on the cards. There have been a number of factors so far appeasing the bulls in USD/JPY with a rise in U.S. yields, new highs in the Nikkei and Japanese purchasing of foreign bonds. Also, "If the BoJ is successful in achieving its 2% inflation target, it would be consistent with a USD/JPY level of 104/104.50", said Kathy Lien of BK Asset Management. She went on to say, "given the magnitude of the BoJ's actions, at a minimum, we expect USD/JPY to hit 103 with a very likely extension to 105. ’’Daily support levels are at 100.34, the 61.8% Fib, and lower still would be 99.53 which was the level of the broken triangles top on the charts. Nearer term will be the psychological levels as 101.50, 101.00 the handle and pivots in a bullish trend line for the pair.

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