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USD/JPY Uptick Fades Ahead Of ’21 Highs

JPY

Some Tokyo fix-related demand and an uptick in Japanese equities allowed USD/JPY to tick upwards, printing as high Y115.48 before retracing to last trade 10 pips or so higher on the day, just above Y115.40. A reminder that the ’21 high/bull trigger (Y115.52) forms key technical resistance. The aforementioned drivers of the now largely unwound uptick weren’t enough to force a real test of this key resistance level. If bulls do manage to force a sustained break above the ’21 high, focus would then turn to the 1.764 projection of the Apr 23 - Jul 2 - Aug 4 price swing (Y116.09).

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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