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FxWirePro: USD/JPY edges above 10-DMA at 100.46, bias higher

  • USD/JPY had been struggling from many sessions to break above 10-DMA which was offering stiff resistance on the upside.
     
  • Cautious trade seen ahead of the Jackson Hole Symposium, which may provide clues on the US interest rates outlook for this year. 
     
  • On the 4H charts, the pair is holding above major support by 20 MA at 100.35. Stochs and RSI on 4 hourlies are biased higher. 
     
  • 4H cloud base also aligns at 100.37 and offers additional support.
     
  • Major resistance on the upside are seen at 100.61 (trendline), 101.08 (20-DMA).

Recommendation: Long break above 20-DMA at 101, target 102.65
 

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