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Hardy on the yen's critical test and the rupee's dramatic rise

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Could we soon see USDJPY test 100? It's certainly possible, according to Saxo Bank's Head of FX Strategy, John Hardy.  It's pressing down on a massive support area once again. Key will be what comes out of the Bank of Japan's meeting on Wednesday and John's looking for comments on the exchange rate from the BoJ's Governor, Haruhiko Kuroda.
John also comments on the pressure surrounding the British pound. This week, we get minutes from the Bank of England as well as the latest inflation data for the UK.  He says the coming days look critical for deciding whether the cable rally can reignite or if we're in the process of posting a structural top.
The Indian rupee is close to a twelve month high following the election of the BJP's Narendra Modi. John says we'll have to wait and see whether promise of major economic reforms are actually put into action.