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Oct 25 - 01:24 AM
USD/JPY: Primed For A Break Higher; A Break Of 109 To Move Range Into 108.50-114.50 Area - NAB
First appeared on eFXplus on Oct 24 - 04:30 PM

NAB Research discusses USD/JPY outlook and notes that the pair is primed for a move higher, but it needs 10y UST yields to join the party.

"After briefly trading below the ¥106.50 mark early in October, USD/JPY last week traded to an intraday high of ¥108.94 before settling around the ¥108.50 area which has been an important pivot level since April 2017,' NAB notes. 

"Can USD/JPY break higher? Looking at Chart 1 a move back into the ¥108.50 to ¥114.50 range looks possible assuming the pair can make a sustained break above ¥109 over the coming weeks. The downtrend line coming from the mid 2015 highs also marks a significant medium-term resistance (~¥111)," NAB adds.

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Source:
NAB Research/Market Commentary

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