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USD/JPY Can Ride To 110.25 Almost Uninterrupted Confluence Detector

This Aaticle originally appeared on FXStreet.

The Technical Confluences Indicator shows that after the USD/JPY broke to the highest since February, it faces a dense cluster of resistance only at ¥110.25. This area is the meeting place of the Pivot Point one month R3 and the Simple Moving Average 200-one-day. Both are long-term, potent levels.

The pair may face light resistance at ¥109.50, the confluence point of the Bolinger Band one hour Upper and the Pivot Point one day R2. However, these lines are not that strong.

On the downside, the USD/JPY faces....More>>>