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Nov 17 - 06:55 PM

USD/JPY: Momentum Builds; Awaiting Punch Through The Big Psychological Level At 115.00 - ING

By eFXdata  —  Nov 17 - 03:00 PM

ING Research sees a scope for USD/JPY to punch through 115 and extend gains further.

"We had felt the 96.00/96.10 area would be a good target for DXY this month - which was hit overnight. We are reluctant to chase the move higher through these big resistance levels (96.10 being the 50% retrace of last year's DXY drop), but the factors that got DXY here look unlikely to abate soon," ING notes. 

"Indeed, should USD/JPY punch through the big psychological level at 115.00 (Japan's October trade data disappointed last night) then the dollar could gain some momentum across the board," ING adds. 

Source:
ING Research/Market Commentary

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