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USD/JPY nears the January and October 2006 highs at 119.40/88 – Commerzbank

FXStreet (Barcelona) - Axel Rudolph, Analyst at Commerzbank notes USD/JPY near 2006 high of 119 levels as Yen remains under pressure.

Key Quotes

“USD/JPY continues to surge higher and has now risen above the 117.95 October 2007 high towards the January and October 2006 highs at 119.40/88 and also the psychological 120.00 region.”

“The accelerated support line comes in at 117.18. Only in case of an unexpected drop below the 115.45 level being seen, would the 113.86 10th November low be back in focus.“

“Key support are the uptrend at 112.05 and the 110.67 August 2008 high. While it holds, pressure remains on the topside.”

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