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USD/JPY Technical Outlook - 1

|Includes: Guggenheim CurrencyShares Japanese Yen Trust ETF (FXY)

This pair is rising within an ascending channel. Since the price is in the upper band of the pitchfork, it seems that the bulls have the upper hand.The HD+ formation in MACD increases the bullish power strongly.

The safest area to place the buy orders will be the 98.35 level. We expect the USD to rise as high as 102.30 against the Yen in the intermediate term.

It should be noted that this analysis is valid as long as the price is above the 96.80 level.

Disclosure: I have no positions in any stocks mentioned, but may initiate a short position in FXY over the next 72 hours.