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USD/JPY bulls require a clearance of 118.20 - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted the conditions surrounding the Yen and how it has begun to tail off from impressive highs.

USD/JPY closed with some limited losses last week, despite US index posted a fifth consecutive week of gains and American data resulted overall positive”

“Nevertheless, market seems to be realizing the pair has gone too far too late, and some midterm consolidation should be expected”.

“With Japan technically in recession according to the latest GDP figures however, deeper moves in the pair are unlikely beyond temporal profit taking movements, and the most likely scenario is buyers taking their chances on those dips”.

“In the meantime, the short term picture as the week starts shows price steady above its hourly moving averages, with 100 SMA offering short term support around 117.45 and indicators heading higher above their midlines”.

“In the 4 hours chart indicators are aiming slightly higher right above their midlines, not yet denying the possibility of further declines”.

“A recovery above 118.20 is required to see the pair regaining the upside, whilst deeps down to 116.50 will be seen as buying opportunities, hardly affecting the dominant trend”.

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