Looking to Buy USD/JPY
We believe that this market is now in the early stages of a more meaningful longer-term uptrend and as such, the latest pullback from the 84.20, 2012 highs is only corrective. The market is now testing some key Ichomoku support both on the daily and weekly, so any additional declines are limited in favor of the formation of the next medium-term higher low. We like building longs around 80.00 and only below 78.00 would concern.
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