USD/JPY: 123.60 a key resistance to watch - UOB

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - Analysts at UOB Group explained that the shift to a bullish USD stance and to buy at 122.50 was timely as USD rose strongly after an initial dip to a low of 122.20.

    Key Quotes:

    "The current movement is likely the early stages of a sustained up-move but the early November high of 123.60 is clearly a strong resistance but a break could lead to further buying towards the next resistance near 124.60. Stop-loss is unchanged at 121.80 for now but 122.20 is likely strong enough to hold any pull-back from here."
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