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USD/JPY in bullish consolidation - Commerzbank

FXStreet (London) - Karen Jones, Head of Technical Analysis at Commerzbank notes that USD/JPY has inched higher, but the new high has not been confirmed by the daily RSI

Key Quotes

“We have a 13 count on the daily chart, both of which imply some profit taking. The market is finding some good nearby support circa 108.50/25 and remains under pinned by the 107.21 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. 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.”

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