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USD/JPY remains bullish above 113.15/00

FXStreet (Guatemala) - USD/JPY is trading at 114.33, down -0.25% on the day, having posted a daily high at 114.58 and low at 114.24.

USD/JPY came off following the initial rally upon the US jobs data and starts the week on the back foot with lost ground. The seven year high was made at the end of last week and the price penetrates key resistance through 115 there. This is significant and comes with large upside potential should the bulls manage to take control back.

Fundamentals are backing the pair on the bid side and technically, Karen Jones, chief analyst at Commerzbank, also explained while above 113.15/00 the market will remain immediately bid. However, she added that below 113.00 would initiate a deeper retracement to 112.00 possibly 110.67. “It will not encounter the accelerated uptrend until 109.91. Above 115.52, we have a cloud on the quarterly chart and Fibonacci extension to 116.07/10, then there is very little until the 120 level”.

USD/JPY noteworthy levels

With spot trading at 114.34, we can see next resistance ahead at 114.38 (Hourly 100 SMA), 114.58 (Daily High), 114.82 (Daily Classic PP) and 114.88 (Hourly 20 EMA). Support below can be found at 114.26 (Weekly Classic PP), 114.05 (Daily Classic S1) and 113.67.

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