USD/JPY snatches some gains

USD/JPY returned today to the levels around 102.00 after it found support in the 100.70 yesterday.

The general longer-term uptrend with an interim upside target at 105.60 (61.8% of range since 2008) will remain in place as long as USD/JPY is trading above 95.75. Nomura recommends buying USD/JPY at 102.80 pointing out that “a test of the highs above 103.00 seems entirely possible if the Nikkei starts to grind higher and if US yields continue to edge higher.” The bank plans to re-evaluate position once the pair reaches the recent highs. US dollar needs to rise above 102.60 to be able to get to 103.73.

However, the weekly and the monthly close below 100 could undermine the uptrend.

Chart. H4 USD/JPY

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