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by ForexNewsNow Team on November 23, 2010

USD/JPY rises after exchange of fire on Korean peninsula

usd jpy bank of japan forex technical analysisNEW YORK (Forex News Now) – The dollar rose against the yen on Tuesday, as it was confirmed that an exchange of artillery fire had taken place between North and South Korea.

In late Japanese currency market trading, USD/JPY reached 83.60, a climb of 0.32% on the open of 83.33.

The dollar rose against most of its major crosses after South Korea’s army chief confirmed that North Korea had fired artillery shells at a South Korean island near the western border between the two countries. into the South.

According to USD/JPY analysis, the dollar was likely to touch support around the Nov. 17 low of 83.15, and encounter resistance around 83.8.

The yen’s fall came as Japanese banks were closed in observance of Labor Thanksgiving day. Meanwhile, FX traders awaited a speech by Bank of Japan Governor Masaaki Shirakawa, who was due to speak in Hong Kong Tuesday.

Elsewhere, the yen remained stable against the euro: the EUR/JPY traded at 113.57, the same mark at which it opened the day.

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