USD/JPY Classical 03.23
USD/JPY: Has been very well supported on dips towards 88.00, and we look for the most recent sharp rebound to open additional upside over the coming weeks back above critical medium-term resistance at 93.75. The latest impressive rally from 88.00 reaffirms our outlook and only a close back under 88.00 would ultimately negate and give reason for pause. Consolidation over the past several days leaves us eying shorter-term range support by 89.60, and any intraday setbacks are expected to be well supported ahead of this level. Back above 90.80 should accelerate towards 92.15 which guards against 93.75.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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