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Japan data due, USD/JPY may jump around – FX Charts

FXStreet (Barcelona) - Jim Langlands of FX Charts suggests that the USD/JPY pair may jump around a bit in Asia as there is some Japanese data due today, and sees that overall, a session of sitting close to 115.00 would not surprise given that the shorter term indicators are somewhat mixed.

Key Quotes

“Having taken out stops below 114.00, the dollar headed to 113.85 before turning higher again, to trade with a steady bid tone throughout the latter half of the session and is currently sitting on the day’s highs at 114.90.”

“The points to watch, on the topside, are at 115.00, above which, would head back towards the current trend high at 115.58. Beyond there would see 115.91 (28 Oct 2007 high) and then 117.93 (14 Oct 2007 high) and in the longer term, the target of 124.13 (June 2007 high) remains valid but will take time.”

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