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USD/JPY remains threatening to the upside

FXStreet (Guatemala) - The Nikkei was opening down, 0.2%, at the start of Tokyo and USD/JPY is trading at 109.65 having posted a daily high at 109.76 and low at 109.56.

Richard Perry, Market Analyst at Hantec Markets explained that the move above 109.45 yesterday offers an implied target for the consolidation breakout of 110.65 which also coincides with the next key resistance from August 2008. “The recent 4 week uptrend remains intact, with the support today coming in at 108.70. Momentum indicators remain positive although there is just a hint of the MACD lines threatening to roll over”. He added that yesterday’s high at 109.74 is the immediate resistance and if this is taken out then the upside will be once more open to 110.65.” Initial support comes in at 109.00, and then 108.50 with the key near term support at 108.24”. Fundamentally, from todays data, with improvements coming from Japans Tankan surveys, the BoJ is perceived to remain as is for the time being.

USD/JPY levels

SUP: 109.20, 109.00, 108.00 107.48 106.34

RES: 109.88 111.18 112.00/60

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