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USD/JPY Probing Y140 Post-ISM

JPY
  • Greenback making more headway on the back of that solid ISM headline (52.8 vs. Exp. 51.9) but the employment subcomponent was particularly strong (54.2 vs. Exp. 49.5) and may be garnering extra focus given the NFP release tomorrow.
  • USD/JPY through to new multi-decade highs and making progress toward Y140.00. Price action means today prices have cleared resistance at 139.39, the Jul 14 high, confirming a resumption of the technical primary uptrend and paves the way for a firm test of 140.00.

Projection levels above lie at:

  • 140.11 1.618 proj of the Aug 2 - 8 - 11 price swing
  • 140.86 1.764 proj of the Aug 2 - 8 - 11 price swing
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