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CZKJPY Approaching Key Resistance Amid Yen Weakness

CZECHIA
  • The ‘slight improvement’ in the Russia/Ukraine conflict combined with the Yen weakness has led to a strong rally in ‘risk on pair’ CZKJPY.
  • CZKJPY broke above the 5.40 level this week and is gradually approaching its key resistance at 5.4750, which was the high reached in February before the February/early March selloff.
  • Next level to watch on the topside stands at 5.50 (October 2008 highs).
  • On the downside, support to watch below 5.40 stands at 5.3750.

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