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Forex pairs in this Article » EUR/JPY, USD/JPY
FXstreet.com (Barcelona) -Japan Prime Minister-elect Abe and LDP's no.2 Ishiba's comments over the weekend are just now making its impact on the Yen, sending it lower...and consequently, strengthening the EURJPY. Well supported around the 111.20 zone, the cross looked higher around European time and kept climbing ever since, with the 112.00 mark reached a few moments ago.

Abe clearly stated there was a big difference for the economy depending on the exchange rate and Ishiba was more concrete, calling for USDJPY exchange rate of 85.00/90.00. Also, Shinzo Abe said that the government will revise BoJ Law if the central bank doesn't change its inflation target to 2% at the January 21-22 meeting.

UBS analysts are neutral: "The cross is under correction and today's buying will find resistance at 112.5", wrote analyst Gareth Berry, pointing to support at 110. 63.
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