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USD/JPY has scope to test the highs again yet

FXStreet (Guatemala) - USD/JPY is trading at 108.51, down -0.37% on the day, having posted a daily high at 109.13 and low at 108.32.

The pair continued to fail on any recovery attempts while 109 acts as a menacing hurdle set up by the bears for the bulls, and beyond that remain the new highs of 110.09, which may in fact be possible again yet. That level has been accompanied by a divergence of the daily RSI and as Karen Jones, chief analyst points out, we have a 13 count on the daily chart, both of which imply some profit taking. “We would allow for some near term slippage back to the nearby support circa 108.50/25 and look for moves lower to be contained by the 107.53 short term uptrend”. However, she adds that while above here the market remains well placed for further gains. “The market remains capable of gains to the 110.67 August 2008 high”.

USD/JPY hourly levels

Current price is 108.51, with resistance ahead at 108.75, 108.83 (Hourly 20 EMA) and 109.03 (Weekly Classic PP). Next support to the downside can be found at 108.51 (Weekly Classic S1), 108.48 (Daily Classic S1), 108.32, 108.06 (Daily Classic S2) and 107.85 (Daily 20 SMA).

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