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USD/JPY: Brief drive below 114.00

FXStreet (Bali) - USD/JPY has had a brief drive below 114.00, taking out some weak stops, before reversing higher, with lack of follow through seen so far.

A clean break below 114.00 in USD/JPY would further dent short term upside potential, while confirming that a double top at 115.50 is in place, with further losses for a projected target of 113.20/30 in the horizon should JPY upside momentum accelerate once Europe comes online.

Still, without the breakout of 114.00 materializing, one could argue that the conditions may remain favourable for a range-bound extension, with 114.00-115.50 becoming now clear technical frontiers to overcome in order to set the next short term bias. Note though, that the incessant buying since QQE2/GPIF surprise in Japan, coupled with Friday's US NFP-induced bearish outside day, should warrant extra caution for the start of the week.

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