USD/JPY hits 7-month low on U.S. data, BOJ outlook

ForexNewsNow | Published on July 16, 2010 at 11:47 am

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global forex fx trader forex tips JPYNEW YORK (Forex News Now) – The yen surged against the dollar on Friday, hitting a 7-month high, following more weak economic data from the United States and an upbeat outlook from the Bank of Japan.

In European afternoon currency trading, USD/JPY hit 86.26, its lowest since December 1 last year.

The currency pair later rose slightly to trade at 86.66, down 0.84 percent on the day.

According to forex analysis, USD/JPY was likely to touch support around 84.8, the low of November 27, 2009, and encounter immediate resistance around the daily high, 87.5.

Also Friday, the Bank of Japan raised its economic assessment in eight of the country’s nine regions. In its monthly report, the central bank said conditions improved from three month ago as the economic recovery remained on track.

Meanwhile, the yen soared versus the euro: EUR/JPY traded at 112.22, down 0.81 percent on the day.

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