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Forex: USD/JPY trading near intraday lows at 98.71/73

FXstreet.com (Barcelona) - The USD/JPY has lost its grip on the 99.00 level Thursday, turning lower during European trading after several failed attempts at recovery. Ahead of events such as the BoE interest rate decision this morning at 11:00 GMT, the cross is now edging back lower again, approaching its intraday lows of 98.65. In these moments, the pair is operating at slightly above this region, perilously close at 98.71/73.

The USD/JPY is slated to face short-term support at 98.58, followed by 98.30, and finally 98.01, according to the Mataf.net Technical Analyst Team. On the ascension, the pair will encounter means of resistance at 99.15, then 99.44, and 99.72.

According to Global FX Strategist Sean Callow at Westpac, “We stick to a neutral bias on the USD/JPY for another week and still feel that recent softer price action has some way further to run. The market feels as if it remains on the back foot. We see USD/JPY in an ‘equilibrium range’ between 95.00 and 100.00, and would only start to get interested on buying sub our long standing 96.00 one month objective.”

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