US Dollar Targets ¥110 versus Japanese Yen
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Trade Implications – JPY Pairs: Last week we noted, “the recent USDJPY breakout versus the Yen leaves us plainly reminiscent of the breakout we saw in November of last year. … As long as crowds continue selling, we’ll continue to call for further USDJPY strength.” Fairly stable crowd sentiment leaves our bullish trading bias intact, and indeed there’s no significant resistance until key reaction highs at ¥110.
See next currency section:AUDUSD - Australian Dollar Remains a Sell until this Changes
Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.