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Yen Weakness Picks Up Pace, USDJPY Closes in on 152.00

  • The USDJPY rally has built momentum in recent trade, making light work of both 151.00 and 151.49 Fibonacci resistance, and now pressing towards the 152 mark which is the next psychological target.
  • Fundamentally, the pair continues to be underpinned on Friday following Kyodo reports flagging a Y20trl spending package. The report sees the package subject to cabinet approval as soon as Oct 28th.
  • As noted, this week’s break of the 150.00 handle has reinforced bullish technical conditions. The climb maintains the positive price sequence of higher highs and higher lows.
  • Note that the trend is in overbought territory, but this is clearly not a concern for bulls at this stage with intervention risks seeming the main obstacle for further strength at this point.

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