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USD/JPY: The bulls are back in town – Next target sits at 100

After breaking below 94.00 a couple of weeks ago, the greenback is recovering against the Japanese Yen, with the USD/JPY hovering around the 98.00 area from the beginning of the week. The formation of two hammers in a raw in the daily chart suggests that the market could be gathering support at this area, before it grinds higher. We expect the pair to break above resistance levels at 98.7 & 99.25 and target 100 in the short-term. Be prepared for a lot or choppiness with an upwards bias. Any pullback above 96.2 could be seen as a good buying opportunity. In the alternative scenario, we would have to see a consistent break below 96, to reconsider our outlook.

Dafni Serdari
Market Analyst
Intertrader.com, Spread betting & CFDs
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Spread betting and CFD trading carry a high level of risk to your capital and can result in losses that exceed your initial deposit. They may not be suitable for everyone, so please ensure that you fully understand the risks involved. Intertrader.com is a trading name of London Capital Group Ltd (LCG) which is registered in England and Wales under registered number 3218125. LCG is authorised and regulated by the Financial Conduct Authority. Registered address: 2nd Floor, 6 Devonshire Square, London, EC2M 4AB. The content does not constitute financial, investment or tax advice. You are advised to discuss your specific requirements with an independent financial adviser prior to entering into any bet.

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