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USD/JPY: Pair Maintains Positive Tone

Published 12/02/2013, 04:02 AM
Updated 02/21/2017, 08:25 AM

USD/JPY

The pair maintains positive tone, as extension of the upleg from 101.13, posted fresh high at 102.61 and subsequent consolidation being contained above 102.00 handle, also Fibonacci 38.2% of 101.13/102.61 ascend. Near-term studies remain bullish and favor fresh attempt through 102.61 to open psychological 103.00 hurdle and key resistance and short-term target at 103.72, 22/05 yearly high. However, strong bulls on a daily chart, enter overbought territory that sees risk of hesitation ahead of the upside targets. Extension below 102.00 support to signal correction under way and open previous peak at 101.51 an psychological 101.00 support, also near Fibonacci 23.6% of 96.55/102.61 ascend.

Resistance: 102.61; 103.00; 103.50; 103.72

Support: 102.10; 101.87; 101.52; 101.13

<span class=USD/JPY Hour Chart" title="USD/JPY Hour Chart" width="800" height="400">

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