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According to analysts, the first month of autumn was favorable for the Japanese currency. It showed an inspired upswing, gaining strength over seven of eight trading sessions. Experts expect further growth of the USD/JPY pair.
An increase in prices paired with the yen will not be prevented by a possible next decrease in the Fed interest rates, which is expected this week. The USD/JPY pair is on the rise for the last seven days, ending last week with growth. By the end of the last trading session, the yen reached the level of 107.96. Currently, the Japanese currency is trading in the range of 107.74–107.79.
Experts admit a slight decrease in the USD/JPY pair and tests the support level of 104.85. In the event of such development of events, one should expect that the yen will push off from the bottom and "jump" above the level of 112.45. However, analysts suggest a tougher scenario and its implementation opens the possibility of a breakdown at the level of 103.85 with a potential target of around 102.35.
Experts emphasize that the decision on the monetary policy will influence the further dynamics of the yen. Much will depend on whether the regulator lowers the key rate again. If the rate remains at the current level, experts expect a rally of the USD/JPY pair to 110.00 and further. Analysts do not exclude the growth of pair from 108.45 to 112.45.
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