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USD/JPY: Monitor the resistance at 120.48
USD/JPY continues to move within a shortterm rising channel. However, a key resistances area stands between 120.48 (11/02/2015 high) and 120.83. Hourly supports can be found at 119.38 (03/03/2015 low) and 119.12 (see also the rising channel). • A long-term bullish bias is favoured as long as the key support at 110.09 (01/10/2014 high) holds. Even if a medium-term consolidation is likely underway, there is no sign to suggest the end of the long-term bullish trend yet. A gradual rise towards the major resistance at 124.14 (22/06/2007 high) is therefore favoured. A key support can be found at 115.57 (16/12/2014 low).