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Forex Flash: USD/JPY looks technically bullish - Nomura

FXstreet.com (Barcelona) - Nomura Strategist Saeed Amen has taken a look at USD/JPY and notes that the pair is technically bullish ahead.

Looking at a daily chart he notes that spot is down on the week and he is flipping to a bullish view. Further, he adds that RSI has dropped, suggesting a short term high has been reached. However, on the downside, he comments that spot has failed to breach the 20D SMA, suggesting important downward support. He writes, “With bandwidth falling, it suggests that spot is likely to retrace within the range back higher. Our target is 100.”

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Forex: EUR/JPY drowns to 123.32 low

The Yen is rebounding once again from its lows after the awaited BoJ meeting and inflation outlook and the EUR/JPY is suffering the consequence. The cross failed to hold the 130.00 handle on Monday, and after some ranging throughout the week, the EUR/JPY is finally falling across the chart. From 129.38 high, the cross has already lost 200 pips down to 127.32 low once the economic calendar became empty.
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