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USD/JPY faces strong resistance at 117.50 – UOB

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - In opinion of the research team at UOB Group, USD/JPY’s bullish attempts could find a strong barrier in the mid-117.00s in the near-term.

    Key Quotes

    “The spike in volatility was clearly unexpected as USD crashed to a low of 115.96 before rebounding strongly to close about 100 pips higher from the low”.

    “While a short-term bottom is likely in place at 115.96, the current rebound is expected to face stiff resistance near 117.50. Strong support is at 116.50 ahead of the 115.96 low”.
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