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USD/JPY – Double Bottom in Place?
USD/JPY has staged a furious rally off yesterday’s lows popping nearly 200 points as it broke the 113.00 barrier in late NY session trade. The return of risk on has helped the pair move higher as it appears to have successfully tested the recent lows and put in a double bottom.
Tomorrow the market will get a slew of US data that could determine if this indeed the near term bottom or simply a pause on the way to a ultimate test of 110.00. With US GDP, PCE and Personal Income and spending data all due at 8:30 NY time the market will get a good idea about the health of the US economy. If growth remains relatively robust sentiment could really start to shift and USD/JPY could push towards key resistance at 114.00