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USDJPY Upside Threat within the Broader Range

Technical Analysis

A still firmer rebound as we had anticipated for Tuesday to build on the bullish outside and engulfing pattern Monday to probe above 119.75 and aim for a further upside targets in the broader range.

For Today:

  • We see an upside bias for 120.12; break here aims for 120.45, maybe 120.85, which we would look to try to cap.
  • But below 119.28 opens risk down to 118.93, which we would look to try to hold.

Short/ Intermediate-term Range Parameters: We see the broader range defined by 121.20 and 118.14.

Range Breakout Challenge

  • Upside: Above 121.20 aims higher for the new 122.02 peak and to a key long term retracement at 122.45.
  • Downside: Below 118.15 sees risk lower for 117.17 and 116.64.

Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.


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