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Yen back above 110

The BOJ kept policy unchanged at this week's meeting. They bumped up growth forecasts but slightly downgraded inflation. Japanese data overnight confirmed continued weakness in household spending while unemployment rate fell to the lowest on record. U.S. Advance GDP is the event to watch later today.
USD/JPY gapped up at the start of the week on better risk sentiment after the first round of the French election. Buyers stepped in before the gap was filled and sent the pair up to 50 DMA. 111.80 -…
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USD/JPY pulls back ahead of the BOJ

USD/JPY rose to the highest level since January on the day after the FOMC decision, adding nearly 400 pips in two days. Tomorrow, the BOJ concludes its two day meeting and, while no policy change is expected, there was some talk about the bank rising its yield target.
Today's pullback in the pair probably reflects some position squaring ahead of the meeting and into the year-end holidays. 117 is the immediate support with the stronger one between 115 and 116. On the upside, the next target is 11…
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USD/JPY breaks Brexit day high

Having broken 50 DMA two days ago, USD/JPY extended its advance past Brexit day high (106.80) and the downtrendline, drawn off of January 2015 and May 2016 highs. The pair has traded to as high as 107.50 in the Asian session.
That looks like a logical place to take some profits ahead of the BOJ meeting next week, so some consolidation would not be that surprising. 100 DMA (108.30) is the first stronger resistance and 50 DMA (106.10) support.
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Yen stronger after the BOJ meeting

BOJ meeting concluded with no change, relative upbeat monetary policy statement and speech from governor Kuroda. Given recent downturn in Japanese economic data, a lot of market participants still expect them to expand easing program at their October 30th meeting. Yen strenghtened ahead of and after the release of the statement and is consolidating near 120.
Support:
119.70 - 119.90 (Monthly Pivot Point, Monday Low, Daily Support 2, Weekly Pivot Point)
119.50 - 119.60 (50's, Triangle Pattern Bot…
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