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Forex pairs in this Article » USD/JPY (Barcelona) - USDJPY is currently testing Friday's highs last at 88.33, off session highs 5 pips above, and still below mentioned Friday's highs at 88.42. The pair is opening slightly to the upside, on the back of continued Yen weakness, although EUR, GBP, and CHF have been weaker than Yen since new year started. Nikkei index has reached previous levels to March 2011 tsunami, above 10700.

According to FXWW founder Sean Lee and given quiet economic agenda ahead for the Asia-Pacific, "Most attention will be on the Yen and comments from the new Japanese PM Abe in the weekend press where he started to lay out very aggressive plans for weakening the Yen and beating deflation," Sean says. "We need to look to the USDJPY weekly chart to find the next big technical resistance level but it is an important one. The 38.2% retracement of the big fall from 110.60 to 75.60 comes in just below 89.00 and this level should be respected," the analyst adds.

Immediate resistance to the upside shows at mentioned Friday's highs 88.42, followed by Feb 04 2010 lows at 88.53, and May 20 2010 lows at 88.95. To the downside, nearest term support lies at session lows 88.06, followed by Friday's lows at 87.57, and Jan 02 highs at 87.34.
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