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Forex pairs in this Article » USD/JPY (Barcelona) - Capped at 80.68 high, the USDJPY rally on the susprisingly positive September and October nonfarm payrolls in the US gave room to profit taking at that resistance area, given the June high at 80.62, allowing the market to engage in a consolidation phase at 80.50 area.

From the USD side, the NFP data is strengthening the greenback with an upwards revision of the September figure by 34K to 148K and an above expected October data at 171K, instead of the 125K consensus. From the JPY side, the BoJ meeting minutes were published in early Asian morning, confirming the monetary easing intentions of the central bank to "strengthen the economy's growth potential and support from the financial side", as said in the statement.

"USDJPY continues to look pretty bid intraday and we suspect a renewed attempt on 80.63/66 will be seen - this represents the June high and the 50% retracement, this is tough overhead resistance and we would expect this to provoke some profit taking", wrote Commerzbank analyst Karen Jones, pointing to support at 79.25/10.
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