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USD/JPY remains below 103.00

USD/JPY keeps consolidating below the 103.00 mark. As expected, the Bank of Japan didn’t bring any surprises today by leaving the monetary policy unchanged.

All eyes are now on the news from the Fed: increase of QE tapering expectations will push the pair higher. Key near-term resistance lies at 102.90/103.00 and at 103.30. Break above the last level will be likely to trigger growth to 105.00.

In case of absence of QE trimming hints the bearish correction in USD/JPY could deepen. Slide below the 102.00 support will open the way to 101.20. Anyway, the 100.00 mark is expected to hold the downside.

Despite the fact that the chances for correction exist, we don’t recommend shorting USD/JPY. Use pullbacks as buying opportunities.

Chart. H4 USD/JPY

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