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USD/JPY: testing new highs

USD/JPY initially fell during the session on Tuesday, but later on bounced in order to close above the 102 mark. On Wednesday the pair renewed a 4.5-year high at 102.60.

Today the Japanese Nikkei share average rise above the psychologically key 15,000 threshold for the first time since January 2008. The 10-year cash JGB yield touched a peak of 0.920 percent, its highest level in more than a year, with JGBs hit by the yen's persistent weakness and strength in Tokyo shares.

According to analysts at ANZ, the break of the 100 handle opened up potential for gains through 103.00 towards 105.60 (61.8% of the range seen since 2008). A pullback below 100 is needed to undermine the current uptrend.

Chart. Daily USD/JPY

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