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USD/JPY Forecast: Gains look corrective while below 200-day MA
The USD/JPY rose to 109.73 on Friday, having created long-tailed inside day candle on Wednesday and Thursday, However, the recovery from 108.11 (May 29 low) to 109.73 looks like a corrective rally and only a break above the 200-day moving average (MA), currently located at 110.17, would confirm a bullish revival. Daily chart The pair's rebound from the rising 50-day MA has established the moving average as a strong support. Currently, the 50-day MA is lined up at 108.53. Further, the ascending (bullish) 10-week MA is located at 108.85. Interestingly, 108.82 is the 38.2 percent Fibonacci retracement of the rally from ... (full story)