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USDJPY Through 110.00, Risk Now To the Key 2008 High, 110.57

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USDJPY Through 110.00, Risk Now To the Key 2008 High, 110.57

USDJPY bull trend extension bias into October

·         Another nudge to a new recovery high to eye key targets into early October, already a nudge this morning above a key upside targets at the psychological/ option resistance at 110.00.

·         Consolidation activity this week has formed new supports at 109.13/07, above 108.50/47, ahead of better support at 108.25, to leave upside risks intact this week.

·         This leaves risk now to the key high from 2008, 110.57, with risk for an early October test.

·         Above here sees overshoot risk to further targets at 111.35 and 111.95.


·         Below 108.47 eases bull risks; through 108.25 signals a neutral tone, only shifting negative below 106.81.

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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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