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USD/JPY looking stretched on closing hour

FXStreet (Guatemala) - USD/JPY is trading at 109.02, up 0.32% on the day, having posted a daily high at 109.48 and low at 108.59.

USD/JPY’s bull run looks very stretched according to analysts at TD Securities. “Daily charts show a possible “shooting star” top developing today though the signal does not appear to be especially strong and is not coincident with any obvious resistance points on the longer-term charts”. The analysts added that the steep rise over the past month may correct modestly but the USD is liable to find firm support on dips—“Initially to the high 106/low 107 range and certainly in the event of a drop back to the 105 zone”.

More broadly: USD/JPY bull trend on track

“Broader technical pointers are bullish; the H2 2014 rally suggests the broader bull trend is getting back on track and is liable to extend towards the mid 112 range (112.62 is the 76.4% retracement of the 2007/2012 decline from 124). Look to buy dips”.

USD/JPY levels

Spot is presently trading at 109.04, and next resistance can be seen at 109.32 (Daily Classic R2), 109.48, 109.67 (Daily Classic R3) and 110.68 (Weekly Classic R3). Support below can be found at 109.01 (Daily Classic R1),108.89 (Hourly 20 EMA), 108.70 and 108.69.

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