USDJPY rises on dollar bullishness.
USDJPY continues to rise under the effect of the two mutually reinforcing sentiments affecting the fx markets at the moment – the moderate US dollar bullishness and the widespread yen bearishness. The dollar continues the bullish bias as market participants are currently focusing up the relatively diverging recovery outlooks for the United States and the rest of the globe – with the strengthening inflation expectations in USA – which is adding to dollar gains. The pair is also driven up by the widespread yen bearishness after Japanese Finance Minister Taro Aso said it was hard to revitalise the economy with monetary easing alone, calling on companies to help out by raising salaries for employees.
Expect buyers on downward corrections.
Next resistance to watch – 109.4
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