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Forex technical analysis: USDJPY makes new session highs

Stuck back in the middle of the consolidation area

The USDJPY is trading at new session highs - continuing the move way from the 100 and 200 bar MA on the 4-hour chart below. The pair is also moving toward the middle of the range that gripped the pair from Nov 6 to Dec 9. We moved back into the range yesterday and we are seeing the follow through today.

In an up and down area, there can be a lot of "levels" for the USDJPY watch for support (risk for longs) at the 122.625. This has been a level for various swing highs/lows (see blue circles in the chart above). Stay above bullish move can continue. ON the topside, get above 123.00 is the next target.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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