USD/JPY Classical 07.15
USD/JPY: The market looks to have carved out a meaningful base by 87.00 and a fresh higher low is now sought out somewhere above 87.00 to be confirmed on the next upside extension beyond 89.15. Our overall outlook is highly constructive and we see the greater risk for a major acceleration back above 90.00 and towards 95.00 over the coming weeks. Ultimately, only a close back below 87.00 would delay.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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