USD/JPY remains very well-bid; buy on dips

  • The important 125.00 barrier has been taken out, paving the way for a 125.90 test
  • Move does look a bit overextended, but the outlook for the pair remains positive & buy-on-dip
  • The next significant resistance levels are 126.36 (March 2002) and then 126.77 & 127.34
  • Immediate support seen at 125.00 and then 124.65/70, with the latter one a good level to establish a long position with a stop around 124.20/25 and a target of 125.90

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