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Global factors to determine USD/JPY dynamics this week

Global factors will likely dominate USD/JPY movement this week, including ECB's rate decision, Fed chair Yellen's testimony on US economic outlook in front of Congress and NFP as well.

Latest developments will be provided by Japanese data like Q3 corporate survey, October labor monthly survey on the undelying recovery after a technical recession in second and third quarters.

"We expect production to increase +2.6% q/q in Q4, which would mark the first expansion in three quarters. In this regard, METI forecast indices for November and December will be another focus", says Barclays in a research note. 

USD/JPY is currently trading at 122.71.

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