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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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USD/JPY above major resistance, turn bullish.

USD/JPY is above major support at 100.70 (horizontal support, Fibonacci projection, long term Fibonacci retracement) where we expect a bounce from to at least 102.70 which is our next major resistance (overlap resistance, Fibonacci retracement).RSI (21) is above our long-term ascending support line and displays bullish divergence vs price signaling a bullish move is in progress.

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Buy above 100.70. Stop loss is at 99.00. Take profit is at 102.70.

The material has been provided by InstaForex Company - www.instaforex.com