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USD/JPY Consolidates

Published 12/15/2014, 03:41 AM
Updated 02/07/2024, 09:30 AM

USD/JPY continues to consolidate and is pivoting around 118.50 after easing off a 7-year high of 121.84 hit on December 8. The correction from this short-term top is expected to find immediate support at the kijun-sen line at 117.80. To the upside resistance is seen at 119.50 at the tenkan-sen line.

Overall, the uptrend is expected to continue as there is no sign of reversal yet and the underlying bullish market structure is supported by the rising Ichimoku cloud and the positive aligned tenkan-sen and kijun-sen lines. RSI is still in bullish territory above 50 although upside momentum has eased for now.


USD/JPY Daily

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