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Show full picture Overview: USD/JPY is expected to consolidate after hitting its one-week low at 101.72 on Thursday. It is underpinned by the yen-funded carry trades amid improved investor risk sentiment (VIX fear gauge eased 2.16% to 14.04; S&P rose 0.49% overnight) as Fed Chairwoman Janet Yellen in her testimony before U.S. Senate Banking Committee said harsh weather has played a role in recent “soft data,” although she isn’t sure to what extent, but added that the Fed might consider a pause in its reduction of bond buying if the weakness persists, while U.S. durable goods orders fell smaller-than-expected 1.0% in January (versus forecast 2.0% drop). USD/JPY is also supported by the demand from the Japanese importers and expansionary…
Read More: Technical analysis of USD/JPY for February 28, 2014
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