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Forex Fundamental Analysis: The yen reached the 7 year low

Forex Fundamental Analysis: The yen reached the 7 year low

The Japanese yen is consolidating against the dollar and its other major competitors. Earlier the reason for the yen selling is the fact that the People’s Bank of China decreased its interest rates on Friday for the first time since 2012 and did it after the local trading session closure. Today we expect the October Japanese corporations services prices dynamics data – the index showed an increase by 3.6% y/y vs. 3.5% y/y. The pair dollar/yen rebounded from the support near 117.83 and increased to the resistance at the mark of 118.48. There were no buyers willing to buy there and the pair returned to the support mentioned above.

The support levels: 116.95-117.15, and the resistance levels: 117.95-118.15.

The MACD indicator is in a positive territory.

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