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USD/JPY has very little resistance after the 117.42 high - Commerzbank

FXStreet (Barcelona) - Alex Rudolph at Commerzbank sees very little resistance until 117.95 for the USD/JPY pair above the recent 117.42 high.

Key Quotes

“USD/JPY will remain short term bid while it trades above its November 17 low at 115.45 on a daily chart closing basis.”

“Above the current November high at 117.42 high we have very little resistance until the 117.95 October 2007 high. In case of an unexpected drop below the 115.45 level being seen, the 113.86 10th November low will be in focus.”

“Key support are the accelerated uptrend at 111.79 and the 110.67 August 2008 high. While it holds, pressure remains on the topside.”

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