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Forex pairs in this Article » USD/JPY
FXStreet (Edinburgh) - The steep decline of the USD/JPY seems to have found buyers near 102.10 on Wednesday, lifting spot back to the 102.30/35 area.

USD/JPY reverts the drop

The pair managed to rebound from session lows around 102.10 and climb back near today’s peaks beyond 102.40 following the better sentiment around the greenback. In the opinion of Camilla Sutton, Chief FX Strategist at Scotiabank, “We expect BoJ policy to turn more aggressive in the spring and that this will be the catalyst for another leg higher in USDJPY. We hold a year-end target of 109.00”.

USD/JPY levels to watch

The pair is now advancing 0.16% at 102.35 facing the initial resistance at 102.68 (high Feb.24) followed by 102.80 (Kijun Sen) and then 102.83 (high Feb.21). On the flip side, a break below 102.00 (low Feb.25) would open the door to 101.67 (low Feb.20) and finally 101.38 (low Feb.17).
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