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Forex: USD/JPY at strong resistance, capped at 94.06

Asian markets reacted the most to BoJ Governor Shirakawa's early resignation from office, antecipating the official procedure in a matter of few weeks, which triggered a new Yen selloff. The USD/JPY has been under such renewed momentum since yesterday's European session, but it was during the Asian shift that the market reached the 94.00 mark, coming to as high as 94.06.

Japan's Nikkei Stock Average benefited from the plunging of the Yen, printing 4-year highs as it grew +3.77% in a single day, its biggest one-day gain since the post-quake volatile trade in March 2011. There is some profit taking as of writing, pulling the USD/JPY down to 93.70/80.

“Above 94.07 we have the 2010 high at 94.99 then the March 2009 spike low at 95.77”, wrote Commerzbank analyst Karen Jones, pointing out that the pair has met its target of 93.32/96 (measurement higher from its triangle and the 38.2% retracement of the move down from 2007), which should act as a major resistance/target zone for this move.

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