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Japanese Yen : Loosing Status of Safe Haven

US Dollar strengthened against Japanese Yen as tension between Ukraine and Russia seems to be easing. Japanese yen weakened against all its major counterparts after Russia and US came out with a solution for the Ukraine crisis fading the demand for safe haven like Gold and Yen. Japanese Yen trimmed its gains after U.S. secretary of State John Kerry and Russian Foreign Minister Sergey Lavrov met in Paris in another bid to calm Ukraine tensions.

On the 4 hour chart of USDJPY, the pair surged by breaking the resistance trend line of downward sloping channel. The next resistance the pair may find is at 103.41 and it should fall down from this level.