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Currency analyst

USD/JPY: yen weighs its options

On the USD/JPY daily chart quotes come close to the important support at the 101.3 level. Its successful test activates the Bat pattern. Its 88.6% target lies near the mark of 100. In contrast, breakout of the resistance at 103.2 level will clear the way to the 105.2 level (the 127.2% target of the pattern AB = CD).

On the USD/JPY hourly chart, active traders can open long positions at the breakout of the 102,45 resistance line, while more patient traders will have to wait for the successful test of the 103,2 level.

Recommendations:

SELL 101,3 SL 101,95 TP 100

BUY 102,45 SL 101,95 TP1 104,3 TP2 105,2

BUY 103,2 SL 102,5 TP1 104,3 TP2 105,2

 

JPY
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