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USD/JPY Looks To Build Upon Price Recovery

Published 01/27/2016, 06:57 AM
Updated 07/09/2023, 06:32 AM

USD/JPY: Having halted its upside pressure to close higher on Tuesday, USD/JPY looks to build up on price recovery. On the downside, support comes in at the 118.00 level where a break if seen will aim at the 117.50 level. A cut through here will turn focus to the 117.00 level and possibly lower towards the 116.50 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the upside, resistance resides at the 119.00 level. Further out, we envisage a possible move towards its range top at the 119.50 level. Further out, resistance resides at the 120.00 level with a turn above here aiming at the 120.50 level. On the whole, USD/JPY looks to build up on price recovery triggered from the 115.98 level.

USD/JPY Daily Chart

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