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The American dollar has reached a fresh weekly high against the JPY at the beginning of the day but is now giving up some ground. USD/JPY hit 105.65 and now trades in the 105.40 price zone. According to FXStreet’s Chief Analyst Valeria Bednarik, the pair still has room to advance.

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Key quotes

“The market mood remains upbeat, with Asian and European indexes trading in the green. US Treasury yields, on the other hand, ticked marginally lower amid a certain caution ahead of the US Nonfarm Payrolls report. The country is expected to have recovered 50,000 new jobs in January, after losing 140K in the previous month. The unemployment rate is expected to remain steady at 6.7%.”

“The USD/JPY pair consolidates weekly gains and can still get another boost through 105.67, November 2020 monthly high.”