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Forex pairs in this Article » USD/JPY (Barcelona) - USDJPY is currently pressing on fresh 7-month and a half highs last at 81.93, 138.2% Fibo extension of the leg up 77.10/80.70, and reading an overbought lecture in daily RSI 14 at 74.15, with bearish divergence in respect to previous daily high from late Oct at 80.40. Great expectations on further stimulus policy from BoJ keep the Yen being weakest major currency for past week.

"An agreement with BoJ to work toward meeting a 2% inflation target will be one of the LDP's campaign promises for the Dec 16 lower house election, The Nikkei learned Tuesday," says the FXMarketAlerts Team, adding: "Defeating deflation and the strong yen is the utmost priority for the LDP under Shinzo Abe's leadership." In the other hand, current BoJ gov Shirakawa have pushed back against candidate Abe: "I seek respect for the BOJ's independence", can be read at local media The Japan Times.

Immediate resistance to the upside for USDJPY shows at recent levels as mentioned Fibo extension/March 23 lows 81.95/82.07, followed by March 26 lows/76.4% Fibo retrace of down leg 84.20/77.10 at 82.40, and Sept 15 2010 lows at 82.83. To the downside, closest support lies at Monday's highs 81.57, followed by Thursday's highs at 81.47, and yesterday's lows at 81.13.
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