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by ForexNewsNow Team on November 29, 2010

Dollar relatively unchanged versus yen as Ireland bailout confirmed

intraday analysis- a heap of Japanese yenNEW YORK (Forex News Now) – The dollar remained relatively unchanged against the yen on Monday, after early gains led it to a 2-month high as the Ireland bailout plan was confirmed.

At around 9:40 A.M., GMT, USD/JPY was trading at 84.07, after opening the day at 84.02.

The dollar extended its rise from the previous week early on Monday, gaining an early boost after European finance ministers confirmed the 85 billion euro bailout package for Ireland.

According to USD/JPY analysis, the dollar was likely to touch support around Thursday’s low of 83.40 and encounter resistance around the high of Sep. 23, 84.67

The currency pair was being traded Monday as Japan released worse-than-expected retail sales data for October, which showed that overall sales dropped 0.2%, down from a rise of 1.4% in September.

Elsewhere, the yen fell against the pound: GBP/JPY traded at 131.11, down from an open of 131.04, according to intraday analysis.

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