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JPY Daily News
BoJ Meeting Eyed
The yen gained yesterday in an environment that is typical of USD weakness. The USD/JPY continues to move below 78, a level that is close to its 100-day moving average at 77.65. Japanese core machinery orders dipped -8.2% during the month of September with a strong yen causing corporations to delay large purchases.
Today services data showed declined more than forecasted. Traders will also be eyeing the BoJ meeting next Tuesday. Expectations are low for additional easing of monetary policy given the most recent expansion of the BoJ's balance sheet, though the BoJ move was hardly noticed as the announcement of the Greek referendum overshadowed the news. The USD/JPY has support at 77.50 from the mid- October lows and resistance from the November 4th high of 78.15.
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