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USD/JPY Bullish Breakout

Swissquote Bank SA
By Swissquote Bank SA

USD/JPY has exited short-term decline. The pair is trading slightly above 112.00. Strong hourly resistance is given at 113.44 (06/10/2017 high). Support is located at 111.12 (20/09/2017 low). However downside risks are definitely rising as markets are now taking some short-term profit after the strong increase during September,

We favor a long-term bearish bias. Support is now given at 99.02 (10/08/2013 low). A gradual rise towards the major resistance at 125.86 (05/06/2015 high) seems unlikely. Expected to decline further support at 93.79 (13/06/2013 low).

Swissquote Bank SA
Swissquote Bank SAhttp://en.swissquote.com/fx
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