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USD/JPY is targeting 2009 highs

The Yen lost significant ground after the Bank of Japan introduced further monetary easing including an increase of JGB purchases, with the USD/JPY spiking above the 95.00 level. At 95.23 at the time of writing, the market has broken key resistance at 94.24 and looks set to go further up. With the RSI well directed on the 30 min chart, next key level for the bulls to target sits at 96.74. We do expect some noise in this area though. Any pullback to the vicinity of 94.24 could be seen as a good buying opportunity. As long as we remain above 93 there is no reason for the bulls to worry. In the alternative scenario, a break below that area would open the door for a re-test of the 90.94 area, but this is hard to imagine at the moment. Traders have a lot to absorb today on the economic data front today with the BoE and the ECB announcements among the most notable.

Dafni Serdari
Market Analyst
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