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USD/JPY: large stops below 122.20 - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY pair has been unable to settle a clear trend during these last two months, and the market is clearly waiting for the FED before determinate one.

    Key Quotes:

    "The pair has, however, advanced after FED's October meeting suggested a rate hike will come this December. Since the, selling interest has contained the rally around 123.50/60 the level to watch this Friday, as some follow through above it should see the pair rallying up to 124.30. Above this last, the next bullish target comes at 125.00.

    Buyers have been defending the 122.20 region, which means large stops should have gathered below it, and if triggered, may lead to a continued decline down to 121.35 a strong static support level."
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