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USDJPY Bull Rally Extends

  • USDJPY continues to appreciate and extend Tuesday’s break above the 142.00 handle.
  • This reinforces the current bullish theme following last week’s resumption of the primary uptrend - former resistance at 139.39 has been cleared, the Jul 14 high.
  • This week’s climb opens 144.67 next while further out, there is potential for a move towards 146.52. Both are Fibonacci projections.
  • Initial firm trend support is at 138.03, the 20-day EMA.

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