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USD/JPY: Breakout a buying opportunity?

FXStreet (Guatemala) - USD/JPY is back on the offer after a brief minor recovery on US CPI upside surprises.

USD/JPY rallied from the lows of 118.05/15 and scored a high of 118.73, just a touch through the 20 SMA on the hourly chart at 118.68 for a post-data high of 118.76 before supply and continued doubts over the Fed hiking this year kicked in again.

USD/JPY a buy or continue with the 124.20 downtrend?

The question is now, is whether we are in a new bearish trend given the break out of the recent support area of the bearish symmetrical triangle at 118.60/80, in a continuation of the daily downtrend from the vicinity of 124.20? Analysts at Bank of Tokyo Mitsubishi explained.

USD/JPY levels

Technically, a break of 116.20 would confirm the downside although the 2012-2015 116.87 uptrend should be a tough area of support. Next stop would be 117.50 on a break of 117.90. To the upside, 119.96 20 day ma guards recent and familiar upside resistance Resistances with last week's high at 120.57 ahead of the 200 day moving average at 120.88.

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