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USD/JPY drops to lows below 102.00

FXstreet.com (Barcelona) - The Japanese yen is accelerating its upside against the greenback on Wednesday, dragging the pair below the key support at 102.00.

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “USD/JPY has recently completed an ascending triangle and this offers an upside measured target to 104.05. This will be engaged once last week’s high at 103.74 has been bettered. Please note that we consider this to be the end stage of this move”. The expert also noted that the market would keep its bullish bias as long as the 100.00/99.77 region holds.

At the moment USD/JPY is retreating 0.71% at 101.65 with the immediate support at 101.06 (MA21d) ahead of 101.00 (low May 28) and then 100.66 (low May 24). On the flip side, a break above 102.59 (high May 24) would open the door to 103.57 (high May 23) and finally 103.74 (2013 high May 22).

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