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USD/JPY has scope for 110.60's

FXStreet (Guatemala) - USD/JPY is trading at 108.90, up 0.06% on the day, having posted a daily high at 109.01 and low at 108.25.

USD/JPY picked up interest through 108.40 and has been taken on a journey through the handle up to test the 109 barrier that is so far proving a tough not to crack again while a lack of momentum is seeing the pair stalling here.However, we may see some legs from the pair yet with a recent break of the 12 year downtrend at 108.55 and this brings in scope to the 110.67 August 2008 high still. Karen Jones, chief analyst at Commerzbank suggest that directly above here lies the 50% retracement of the entire move down from the 1998 peak at 111.47 and she said they would allow for some profit taking in this vicinity. “We note the divergence of intraday indicators and would allow for some consolidation”.

USD/JPY near term supporting levels

Next support to the downside can be found at 108.84 (Daily Open), 108.75 (Hourly 20 EMA), 108.71 (Hourly 100 SMA), 108.67 (Yesterday's Low) and 108.60 (Daily Classic S1).

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