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USDJPY: Standing Aside as Prices Soar

USDJPY: Standing Aside as Prices Soar

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

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.

USDJPY_Standing_Aside_as_Prices_Soar_body_Picture_5.png, USDJPY: Standing Aside as Prices Soar

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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