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Commerzbank: USD/JPY outlook

Commerzbank strategists believe that USD/JPY will be supported as long as the 97.50 level holds: “Our initial upside target is the 100.62 September high then 101.54/60 July high and the Fibonacci retracement, with a long term Fibonacci retracement offering a 105.48 resistance point above here.”

Break below 97.50 would switch their outlook to neutral as the risk will increase of further slippage to 95.97 (200-day MA).

Chart. Daily USD/JPY

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