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$USDJPY Bull Bias

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$USDJPY Bull Bias

A still firmer rally as we had anticipated, with a bounce from the 122.53/43 support area, through 123.61, for  better recovery bias into midweek.

We still see an underlying bull tone from the May bull breakout above the 2002 peak at 125.81, to push USDJPY to its highest level for over 13 years!

For Today:

We see an upside bias for 124.19; break here aims for 124.44 and 124.62.

But below 123.52 opens risk down to 123.00, which we again look to try to hold.

Short/ Intermediate-term Outlook - Upside Risks:

Whilst above 121.53, we see a positive tone with the bullish threat to 125.81/85.

Above here targets 129.08 and 130.00.

What Changes This? Below 121.53 signals a neutral tone, only shifting negative below 120.64.


A taster of the report above. To view the full USDJPY report with screencasts, levels and more, click here 
Remember, for a FREE trial of our FX and all other reports, sign up by clicking here

 

2 Hour USDJPY Chart

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Daily USDJPY Chart

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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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