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USDJPY – Bottom Confirmed?
Has there been anything more trying in the FX market over the past month than finding a bottom in the USD/JPY pair? Just as it looks that the pair has finally stabilized and ready to rally, it quickly turns and flushes out the longs.
This week, however, the pair made a few forays into the 101.00 level and managed to hold support at that level. If that figure holds it would form a higher low triple bottom off the Brexit lows and could finally set the stage for a sustainable rally.
For now, the focus will turn to tomorrow’s US Retail Sales numbers which could confirm the strength of the US recovery and bolster the case for a Fed rate hike before the end of the year. Technically, the pair would need to break above the 102.50 resistance to establish that a bottom has been put in place and could then target the 105.00 level over the near term horizon.