USDJPY (108.67): The USDJPY managed to turn bullish on the day but price edged back lower in the early Asian trading session. USDJPY remains supported above the main daily support level at 108.26. On the 4-hour chart, the current retracement back to the support zone at 108.64 – 108.26 indicates a potential higher low being formed. As long as USDJPY posts a reversal at this level, we expect to see further upside gains coming. The resistance level at 110.34 forms the near term target.
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