USDJPY: Standing Aside as Prices Soar
USDJPY quickly recovered after a brief pullback to 23.6% Fibonacci support at 80.33, with prices now testing above resistance at 81.46 marked by the July 11 2011 swing high. A break above this boundary exposes the May 19 top at 82.22. Positioning appears far too stretched to chase prices higher from here and we will stand aside until a more compelling long entry opportunity presents itself.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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