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Forex pairs in this Article » USD/JPY (Barcelona) - The USDJPY has started the trading week in positive territory, however an ascension towards the region of 89.70 (daily high) was subsequently capped by a pullback towards the 89.38/39 level, where the pair resides presently. Despite the 20 pip drop during European trading Monday, cross is still recording a +0.06% advance.

Over the weekend, Japanese Prime Minister Abe insisted that any new inflation target must be accompanied by a pledge to hit it over the medium-term (not the long-term). "The 90.00 level could present some psychological resistance, though our technical strategists see scope for an eventual move up towards 94.14." notes Research Analyst Gareth Berry at UBS.

Briefing the technical levels, Slobodan Drvenica, an analyst at Windsor Brokers Ltd., calculates the next resistances to trigger at 89.66, onto 90.00 (key barrier), and ultimately 90.39. Should the pair be sapped of momentum, the USDJPY is slated to face short-term calculated support at 89.34, then 89.00, and finally 88.73.
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