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Forex: USD/JPY threatening 2013 highs

The Japanese yen is markedly lower against the greenback on Thursday, threatening to leave behind 2013 highs at 94.77

G.Yu and G.Berry, Strategists at the Swiss lender UBS, confirm the bank’s bullish outlook on the cross, arguing, “With trending and momentum indicators pointing higher, watch for a break above resistance at 94.77, opening 97.79. Support is at 92.92 ahead of 92.01”.

At the moment, the cross is up 0.68% at 94.72 and a break above 2013 highs at 94.77 would expose 94.87 (Upper Bollinger) and then 94.99 (2010 high May.4).
On the flip side, support levels line up at 93.79 (low Mar.7) ahead of 93.15 (low Mar.6) and finally 92.91 (low Mar.5)

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