FXstereet.com (Barcelona) - The USD JPY rallied to a four month high on Friday and, in the opinion of Cornelius Luca, economist at Global Forex Trading, triggering a long-term bullish flag: My model remains long. Above 108.60, resistance is at 109.15 from a 50-point pivot, which targets 109.65 and 108.65. Above 109.93, distant resistance is perched at 110.35 from another 50-point pivot, which targets 109.85 and 110.85. Support levels, according to Luca, stand as follows: Initial support is seen at 107.95 from a 50-point pivot, which targets 107.45 and 108.45. Next strong level is at 106.75 from another 50-point pivot, which targets 106.25 and 107.25.
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