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USD/JPY - False Bullish Breakout?

USD/JPY remains weak as long as prices remain below the key resistance at 120.10/20 (declining trendline). A support stands at 119.35 (29/04/2015) high then 118.53. Another resistance is given by the recent high at 120.50 then 120.84 (13/04/2015 high).

A long-term bullish bias is favored as long as the strong support at 115.57 (16/12/2014 low) holds. A gradual rise towards the major resistance at 124.14 (22/06/2007 high) is favored. A key support can be found at 118.18 (16/02/2015 low), whereas a key resistance stands at 121.85 (see also the long-term declining channel).

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