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USD/JPY skyrockets above post-FOMC high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Bali) - USD/JPY has skyrocketed in tandem with the Nikkei 225, extending the recovery post BOJ, which as a reminder, left its policy unchanged.

    Nikkei 225 bid to the boots

    A headlines crossing the wires a few minutes ago, right at the time of the spike in USD/JPY, could read "Japan lobby group seeks corp tax cut to 30.88%." Another headline read "Japan considers extra budget of more than JPY 3 Tln, according to Nikkei."

    Impressive USD/JPY bounce

    The headlines might well be what's behind the new impulsive leg in the Nikkei 225, currently up by 1.3% today, and USD/JPY, up 15/20 pips for the session, last at 121.28, after a V-shape bounce from 120.30 all the way to 121.40, with 124.50 now acting as next key level, as per highs on Oct 23th, followed by 122.00 round number.
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