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12 Nov 2014
USD/JPY consolidates below 115.50
FXStreet (Córdoba) - USD/JPY remained steady during the last hours, hovering around 115.20/30, after moving in a wide range in the Asian session.
The pair peaked at 116.00 but then bounced to the downside, rebounded and spike lower again bottoming at 115.07 (daily low), slightly above yesterday's lows. From 115.07 attempted to recover but it was capped below 115.50. Currently trades at 115.20, 0.25% down for the day as the yen gains across the board.
JPY up amid speculations about taxes and elections
The ongoing speculation about a delay in the implementation of the sales tax hike and the election schedule in Japan affected the yen in the currency market. “Overall, we continue to believe that if the sales tax hike is delayed it will increase downside risks for the yen in the year ahead”, said Lee Hardman, Currency Analyst at Bank of Tokyo-Mitsubishi UFJ.
The pair peaked at 116.00 but then bounced to the downside, rebounded and spike lower again bottoming at 115.07 (daily low), slightly above yesterday's lows. From 115.07 attempted to recover but it was capped below 115.50. Currently trades at 115.20, 0.25% down for the day as the yen gains across the board.
JPY up amid speculations about taxes and elections
The ongoing speculation about a delay in the implementation of the sales tax hike and the election schedule in Japan affected the yen in the currency market. “Overall, we continue to believe that if the sales tax hike is delayed it will increase downside risks for the yen in the year ahead”, said Lee Hardman, Currency Analyst at Bank of Tokyo-Mitsubishi UFJ.