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USD/JPY hits 108.50, en-route to 110.00?

FXStreet (Bali) - USD/JPY keeps on rising, with the exchange rate touching yet another new high, this time at 108.50, following a 1.3 yens gain on Wednesday, as the FOMC reinforces the notion that a process of normalization in interest rates is getting closer.

According to Valeria Bednarik, Chief Analyst at FXStreet: "The 1 hour chart showing indicators heading strongly up despite in extreme overbought levels. Some static support back from 2008 monthly highs now in the 108.50 price zone. In the 4 hours chart technical readings also present a strong upward momentum, moreover because of latest range and the following breakout: further advances beyond 108.50 should see the pair looking to extend its rally towards critical 110.00 price zone over the upcoming days."

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