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Long

USD/JPY breaks resistance at 112.20, targets 113.40

FX:USDJPY   U.S. Dollar / Japanese Yen
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USD/JPY             catches fresh bid tone in the last hour, breaks channel-top resistance at 112.20.

Not so upbeat comments from the BOJ's Kiuchi and the rebound seen in the Japanese stocks restricting upside in the Yen.

Kiuchi highlighted the side-effects of massive JGB buying and added that its difficult to achieve the 2% price target with monetary policy alone.

Momentum studies on 4 hourly charts are bullish , further upside in the pair likely.

Immediate resistance is located at 113.05 (Feb 23rd highs), breaks above will take the major to test 113.13 (10-DMA) and then 113.41 (61.8% Fib of 114.87 to 111.04 fall).

To the downside, immediate support lies at 111.65 (Feb 12th lows) and below that at 111.05/110.98 (Feb 24 & 11 Low).

Watch out for US durable goods data due later in the day and Friday’s prelim GDP figures which could have a major influence on the pair.

Good to buy dips around 112.30/40, SL: 111.90, TP: 113/113.10/113.40
The USD/JPY seems to have completed two bearish ABC zigzags and could now be building a bullish ABC within wave Y (blue) unless price breaks the bottom. Long is the play.
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