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Technical Outlook: USDJPY Extends Recovery Above 110.00, Eyes US Retail Sales For Further Support

The dollar extends strong recovery rally on Tuesday to 110.46 (50% retracement of 112.19/108.72 downleg) after surge through important barrier at 110.00.

Fresh bullish momentum could drive the price higher for test of key barriers at 111.00 zone (Fibo 38.2% of 114.49/108.72 descend at 110.93/04 Aug post-NFP high at 111.04), break of which would generate another strong bullish signal.

Broken 110.00 hurdle (Fibo 38.2% of 112.19/108.72 bear-leg/10SMA) now acts as solid support.

US retail sales data are due later today and expected to further support the dollar on release at/above forecast for July at 0.4%.

Res: 110.61, 110.93, 111.04, 111.30
Sup: 110.00, 109.80, 109.60, 109.40

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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