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Trader, analyst and instructor with a 6-year experience

USD/JPY: bullish prospects

USD/JPY keeps conquering new highs. On Thursday the pair has hit a fresh 6-month peak at 102.30. The pair remains in a bullish channel and is expected to hit the 103.00 and than 103.70 in the coming days. The medium-term target lies at 105.60 (61.8% Fibo).

The next resistance for the pair lies at 102.40/50 (option-related levels). Support is seen at 101.90, 101.75 and 101.10/00. Slide below the last level would put the short-term bullish prospects under question.

The US markets are closed today due to Thanksgiving day, so we expect the pair to consolidate in the current narrow range. Don't miss the Japan's important data tonight: CPI, unemployment rate and industrial production (all the forecasts are positive). 

Chart. Daily USD/JPY

JPY
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