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USDJPY – Going for 110.00?
Despite less than stellar US data, USDJPY shrugged off concerns over slowdown and plowed ahead as the bulls have 110.00 firmly in view. Tomorrow the market will get a look at ADP and FOMC statement and as long as jobs print at 175K or better and the Fed reaffirms its hawkish stance the markets are likely to test the ket resistance within the next few days.
Although US economy shows some signs of a slowdown, it remains well in expansionary territory and its monetary policy continues to be the most restrictive in the G-11 universe and that above all else is keeping USDJPY propped up for the time being.