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USD/JPY: Techs Point To A Potential For ‘Massive Move Higher’

USD/JPY: Techs Point To A Potential For ‘Massive Move Higher’

On March 7, 2017, Posted by , In Uncategorized, By , , With No Comments

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USD/JPY continues to hold intermediate term support in the 109.90 – 111.39 area. Holding above this is important to keep a bullish continuation pattern forming. The two large dips since the 2015 high could be forming a continuation head and shoulders pattern.

A USD/JPY rally and weekly close though trend line resistance (117.25) could really mean a technical target upwards of 135. 

Horizontal resistance of 118.75 will be a feat to overcome, however it would only add conviction to a larger uptrend unfolding.

 

*With this being a macro-based trade, we maintain a long USD/JPY position targeting 120.

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