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USDJPY: Long Trade Confirmation Pending

Thursday, 26 April 2012 11:01 GMT

by  Ilya Spivak, Currency Strategist

I was expecting today's FOMC outcome to be supportive of USDJPY. Although the outcome proved to be largely as expected, the market's reaction left a lot to be desired. I still see scope for US Dollar upside however as traders digest the outing and will look for confirmation on a daily close above 81.60 to enter long, initially targeting 83.71.

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