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USD/JPY: No Clear Direction

Published 06/10/2014, 03:25 AM
Updated 07/09/2023, 06:31 AM

USD/JPY Daily Chart

The USD/JPY levels are working quite well but direction is hard to gauge. In effect the pair has no clear direction. Support at 102.05/95 was expected to be the low for the day on Friday and as predicted we bottomed almost exactly here at 102.08. Today any longs here need stops below 101.90. Just be aware that a break lower targets 101.55/50.

Above 102.45/40 (Which held the downside yesterday) is more positive and can target resistance at 102.80/85 for a selling opportunity but shorts need stops above May highs at 103.01. Above here we could push higher to 103.17/19 then 103.40 for a selling opportunity this week.

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