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Today Japan released Current account data with positive numbers. It's directly linked to currency demand - a rising surplus indicates that foreigners are buying more of the domestic currency to execute transactions in the country.
- In addition average Cash earning data was released with Negative numbers at 0.1% vs 0.7% expected.
- Moreover, BOJ released a summary of opinions at their January 28-29 meeting. Such report confirmed that Bank of Japan board members were totally divided over the cost of adding a potentially contradictory negative interest rate policy to the bank's easing programme.
- According to the report - "QQE with a Negative Interest Rate" is expected to bring about a further decline in expected real interest rates by lowering the short end of the yield curve, in combination with large-scale purchases of JGBs."
- Pair is currently trading above 117.00 marks, made intraday high at 117.27 and low at 116.77 levels.
- On the Top side resistance levels are seen around 118.24 and 119.02 levels.
- On the other side, resistance levels are seen at 116.29, 115.97 and 115.32 levels.
We prefer to take long position in USDJPY at current level around 117.25, stop loss 116.29 and target 119.02 levels.
