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USD/JPY gaps higher, bulls in control s/t

FXStreet (Bali) - USD/JPY gapped higher in early Asia, reaching its highest at 108.33 before a mild retracement, currently sending the rate towards 108.23 seeking liquidity.

Valeria Bedanrik, Chief Analyst at FXSteeet, notes: "The pair shows a mild positive tone coming from technical readings in the 1 hour chart as indicators aim higher above their midlines, and 100 SMA advances fastest than 200 one, widening the distance in between both well below current price."

In the 4 hours chart however, Valeria observes that "technical readings had lost their upward strength despite holding near overbought levels, while 200 SMA stands above 100 one, which limits chances of a stronger rally."

Valeria adds that "a clear advance beyond 108.50 is required to trigger stops and see the pair advancing towards 108.90."

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