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Forex: USD/JPY higher post-G20 meetings

Ahead of another day with US markets closed for holiday, USD/JPY is starting the week in Asia-Pacific to the upside, testing Friday's highs, last at 93.89, off recent fresh 4-day highs at 93.95, following G20 meetings in Moscow during the weekend. “It is as if the G7 is saying through the G20 that we have the right to weaker currencies because we have weaker economies so back off,” noted Gregory McKenna, CEO at GlobalFX and former Head of Currency Strategy at the NAB and Westpac.

“Dealers at sales desks suggest that the main danger on the day is still higher,” says FXWW founder Sean lee, adding: “if Japanese corporates start to aggressively unwind long term hedges. If they don’t, the hedge fund market is still very long and they may start booking profits if recent highs are tested and confirmed,” he concludes. USD/JPY is up so far +0.47% since previous weekly close Friday, with no key risk events for the current Asian session ahead.

Immediate resistance to the upside for USD/JPY shows at Feb 06 highs 94.07, followed by Feb 11/12 highs at 94.41/47, and May 2009 highs at 94.98. To the downside, closest support lies at Feb 08/13/14 highs 93.76/71, followed by Feb 06 lows at 93.27, and Feb 13 lows at 92.80.

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