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USD/JPY: Break above 107.00 targets 108.60 - FXStreet

FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, continued gains above 107.00 in USD/JPY should open doors for an advance towards 108.60 area.

Key Quotes

"The USD/JPY stands steady near its daily high of 106.88 on its own as stocks trade barely in the green today, showing no signs of momentum since the week started."

"The technical picture continues to show short term divergences in the 1hour chart, with higher highs in price and lower ones in momentum, but not yet confirmed: may be a bit too late to join the bullish party, but is way too early to attempt a counter trade."

"In the 4 hours chart indicators are losing upward strength in extreme overbought levels, far from reentering more normal levels, also limiting chances of a downward corrective movement. Continued gains above 107.00 should open doors for an advance towards 108.60 area, where the pair presents several daily highs and lows over 2008."

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