Forex: USD/JPY longs run to the exits; 88.62 new weekly low

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FXstreet.com (Barcelona) - The Yen appreciation continues unstoppable through Asian hours, averaging gains in the tune of 70-80 pips in less than 1 hour of trading. As reported earlier, the main cause sparkling the strong exit of longs/entry of shorts was the change of rhetoric by Japanese economic minister Mr. Amari, making the controversial comments that "Yen has corrected to levels in line with fundamentals..." The USD/JPY has broken an important line of support at 89.07/89.00, also taking out 88.75 Jan 11 double bottom to extend its fall as low as 88.63. Next key support is seen at 88.30, Jan 4 high. A recovery and stabiliation of prices above 89.07 is now a requirement should buyers regain confidence to attack recent highs.



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This article appears in: Investing , Forex and Currencies

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