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Commerzbank bought USD/JPY on dips

Commerzbank bought USD/JPY on dips to 100.40 with a stop at 99.50 and a long-term target at 108.80.

"The 102.60 area may provoke initial failure, however the recent break up from a large triangle points to a longer-term target of 108.86," Commerzbank projects.

"We will remain immediately bullish while the currency pair stays above the 99.56 (Nov. 19 low)," analysts advise.

Chart. Monthly USD/JPY


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