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USD/JPY bullish above 101.51 – Commerzbank

FXStreet (Edinburgh) - Axel Rudolph, Senior Technical Analyst at Commerzbank, sees the bid tone to remain in the pair as long as it trades above the 101.51 level.

Key Quotes

USD/JPY reached and now bounces off the 61.8% Fibonacci retracement at 103.66 towards the 104.13 April high”.

“Minor support below 103.66 comes in around the July peak at 103.15”.

“The current August high at 104.49 is regarded as the last defence for the 105.45 2014 high”.

“We will retain our bullish view while USD/JPY remains above the current August low at 101.51”.

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