Forex: USD/JPY holds above 82.00
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USD/JPY
FXstreet.com (Barcelona) - The consolidative stage of the USDJPY after the 300 pips made in the last two weeks is pulling the pair down on Monday, testing the 82.00 mark for support. The market reached as low as 81.93, but has been trading above the psychological level since then, now around 82.15.
Even the BoJ November meeting minutes didn't provide scope for Yen weakness, despite the market being informed that two members of the central bank were pushing for further easing. BoJ's Shirakawa kept its usual speech, defending a dovish stance while needed to target the 1% inflation.
"We have been broadly bearish on the JPY since just before the US election, but recently we have been looking for better entry levels", wrote TD Securities analysts, aiming to buy USDJPY in the mid to low 81 area, although the 82.00 mark should provide decent support.
Even the BoJ November meeting minutes didn't provide scope for Yen weakness, despite the market being informed that two members of the central bank were pushing for further easing. BoJ's Shirakawa kept its usual speech, defending a dovish stance while needed to target the 1% inflation.
"We have been broadly bearish on the JPY since just before the US election, but recently we have been looking for better entry levels", wrote TD Securities analysts, aiming to buy USDJPY in the mid to low 81 area, although the 82.00 mark should provide decent support.
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