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    USD/JPY: broader trend higher probably resuming

       
    The dominant up-trend is probably resuming, with the 4-hr chart now showing two higher highs and two higher lows.

    The pair has also completed a clear a-b-c correction, visible on the daily chart, after peaking in June.

    On the weekly chart, a hammer candlestick has formed in the zone between the 10 and 20 MA’s, indicating there will probably be an extension higher towards an eventual target at 125.00.

    I would probably want to see a break above 123.62 for confirmation of a move higher, with an initial target at 124.40 – or for a longer-term hold at 125.00.

    USDJPY13

       
    The dominant up-trend is probably resuming, with the 4-hr chart now showing two higher highs and two higher lows.

    The pair has also completed a clear a-b-c correction, visible on the daily chart, after peaking in June.

    On the weekly chart, a hammer candlestick has formed in the zone between the 10 and 20 MA’s, indicating there will probably be an extension higher towards an eventual target at 125.00.

    I would probably want to see a break above 123.62 for confirmation of a move higher, with an initial target at 124.40 – or for a longer-term hold at 125.00.

    USDJPY13


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