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USD/JPY bears seeking out a test of 106.57?

FXStreet (Barcelona) - USD/JPY is trading at 106.95, up 0.12% on the day, having posted a daily high at 107.32 and low at 106.67.

The USD/JPY has give up the 107 handle again with pressures mounting favouring the Japanese safe haven status. However, Dmytro Bondar, Technical Analyst at RBS explained that in the long-term, the USD/JPY has accomplished its breakout from the 100-105 long-term range and said this is confirming the view for 112.00 and more upside…

“Whereas in the near term its correction is still in place, facing the first significant support at 106.57, but ultimately 105.52, where not only 50% swing extension of the 2013 impulse wave and 2013 – 2014 high lie, but also the Ichimoku cloud support is now located”.

USD/JPY noteworthy levels

With spot trading at 106.96, we can see next resistance ahead at 107.06 (Hourly 20 EMA), 107.32, 107.38 (Daily Classic R1) and 107.58 (Hourly 100 SMA). Support below can be found at 106.83 (Weekly Classic S1) 106.77 and 106.57.

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