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SEB: USD/JPY stretched but bid-testing resistance - eFXnews

FXStreet (Łódź) - The eFXnews team observe that SEB sees USD/JPY's rise as an aggressive move in the short-term.

Key quotes

"Recant price action goes in line with short-term-following tools and this behavior points higher still."

"But the deviation from the monthly average may become a problem if not successfully breaking resistance at 104.85/93 (Jan reaction peaks)."

"1st support is the Aug25 high of 104.49, then comes the 8day 'Tenkan-Sen', now at 104.20. Even stronger support is located at 103.50/15."

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