As anticipated, we saw a big breakout in USD/JPY. It was to the upside after the Bank of Japan announced an emergency meeting for today. They will likely implement further quantitative easing measures to combat deflation. The effect is most likely to be a further yen negative unless the BOJ announces some very limited measures.
As noted earlier, 87.53 will be a key resistance level to break if we are to see a continued USD recovery.
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