Forex: USD/JPY intensifies the upside, eyes on 88.00
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USD/JPY
FXstreet.com (Barcelona) - The Japanese yen has intensified its weakness on Wednesday, trading just pips away of the key resistance at 88.00 after rumours of a credit rating downgrade and the likeliness of a more aggressive easing continue to weight on the yen sentiment.
"The BoJ is currently reflecting on its 'price stability goal in the medium to long term', which is currently set at 1.0%, as stated in last month's policy statement. A move toward a higher inflation target Abe is seeking an increase to 2.0% would require even more aggressive accommodation from the BoJ and would likely provoke additional weakness in JPY", writes E.Theoret, Currency Strategist at Scotiabank.
USDJPY is now advancing 1.04% at 87.95 with the next resistance at the psychological level at 88.00, followed by 88.38 (high Jan.7) and then 88.48 (2013 high Jan.4).
On the flip side, a decline beyond 87.40 (hourly sup Dec.9) would bring 86.83 (low Jan.9) and finally 86.77 (low Jan.3).
"The BoJ is currently reflecting on its 'price stability goal in the medium to long term', which is currently set at 1.0%, as stated in last month's policy statement. A move toward a higher inflation target Abe is seeking an increase to 2.0% would require even more aggressive accommodation from the BoJ and would likely provoke additional weakness in JPY", writes E.Theoret, Currency Strategist at Scotiabank.
USDJPY is now advancing 1.04% at 87.95 with the next resistance at the psychological level at 88.00, followed by 88.38 (high Jan.7) and then 88.48 (2013 high Jan.4).
On the flip side, a decline beyond 87.40 (hourly sup Dec.9) would bring 86.83 (low Jan.9) and finally 86.77 (low Jan.3).
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