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USD/JPY upside still likely above 108.50

FXStreet (Guatemala) - USD/JPY is trading at 109.39, up 0.10% on the day, having posted a daily high at 109.76 and low at 109.13.

USD/JPY has been caught up below the mid pint of the handle after a drop from the highest levels seen for sometime when the pair lost commitment from the bulls and the greenback stepped back a few paces at the start of the US open. Below the 109 handle though, as Karen Jones, chief analyst at Commerzbank pints out, the market is finding some good nearby support circa 108.50/25 and remains under pinned by the 107.05 short term uptrend. “We will assume while above here that the market remains well placed for further gains. The market remains capable of gains to the 110.67 August 2008 high”, she said. “Directly above here lies the 50% retracement of the entire move down from the 1998 peak at 111.47 and we would allow for some profit taking in this vicinity”.

USD/JPY noteworthy levels

Current price is 109.40, with resistance ahead at 109.55, 109.73 (Daily Classic R1), 109.76, 109.81 (Weekly Classic R1) and 110.18 (Daily Classic R2). Next support to the downside can be found at 109.38 (Hourly 20 EMA) and 109.29 ahead of 109.10.

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