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Japanese Yen (USD/JPY) Outlook – The Battle With Technical Support Resumes
Today’s FOMC policy decision and updated economic projections look set to steer the US dollar, and a range of FX pairs, going into the Christmas break and beyond. The US dollar has weakened over the last two months and one pair that has been noticeably driven by the USD/JPY is now under renewed pressure. Technical indicators are also coming into play. The US dollar has lost around 10% of its value against the Japanese Yen in the last two months and is now probing a fresh multi-month low. The move lower, driven primarily by the greenback, has seen the pair test the 200-day moving average once again, and a confirmed ... (full story)