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Forex pairs in this Article » USD/JPY (Barcelona) - Having climbed overnight from a low of 101.63 to post a morning high at 102.21, USD/JPY has found some resistance at the hourly 200 SMA.

USD/JPY gained on GPIF comments

Comments overnight from Takatoshi Ito, chairman of the advisory panel on reforming the government pension fund caused Yen to slide overnight. He stated that the GPIF should immediately start selling JGBs down to the current permitted lower limit of 52% of overall assets. His views however differ from those of Head of the GPIF, Takahiro Mitano, and despite indicating reform and change, may take some time to be realised. Derek Halpenny, European Head of Global Market Research at the Bank of Tokyo Mitsubishi UFJ comments, “Still, we expect over time the reform of government funds like the pension fund to result in greater outflows from Japan that will help keep the yen weaker.”

What are today’s key USD/JPY levels?

Matt Bacon-Hall of FXBeat sees resistance today at “102.40-50 Light offers, 102.90-00 Exporter offers, 103.40 Buy stops commence & 103.75 Yearly high”, and support below at “101.50- 60 macro bids, 101.00-10 Macro and leveraged bids, 100.90 Stops commence, & 100.50 Option bids.” Today’s central pivot point is at 1001.92, with resistance above at 102.2297 (R1), 102.7648 (R2) and 103.0697 (R3), and support below at 101.3897 (S1), 101.0848 (S2) and 100.5497 (S3). Special attention should be paid to the range between 101.76-42 where several key levels are confluent.
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