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Sep 12, 2014
USD/JPY maintains 107.00 at the Tokyo open
FXStreet (Bali) - USD/JPY opens the Tokyo session at 107.10, en-route to rested 107.17 high, still looking very bullish despite the over-extended move from recent weeks.
According to Jim Langlads, Founder at FXCharts: "107.30 should prove strong resistance and I am a bit doubtful that the dollar will take it out today unless the US retail sales are particularly strong. If that is the case, then look for a continuation towards 108.01 (Sept 19, 2008)..."
"With the 4 hour charts being at overbought extremes, dips are inevitable but look to be relatively shallow. Today’s low at 106.63 and then the 100 Month MA at 106.45 are the first obvious supports" Jim adds.
According to Jim Langlads, Founder at FXCharts: "107.30 should prove strong resistance and I am a bit doubtful that the dollar will take it out today unless the US retail sales are particularly strong. If that is the case, then look for a continuation towards 108.01 (Sept 19, 2008)..."
"With the 4 hour charts being at overbought extremes, dips are inevitable but look to be relatively shallow. Today’s low at 106.63 and then the 100 Month MA at 106.45 are the first obvious supports" Jim adds.