08.04.2014 - USD/JPY has fallen to support

The price of USD/JPY fell to a strong support level at 102.70. In case of further decrease, a signal to sell will be fixing price below this level. We expect a rebound from this level and growth inside the rising channel to the level of 104.00, in case of consolidation above this level the price will continue to move upwards to 104.70 and 105.40. Tomorrow the course of trading will be affected by a monthly report of the Bank of Japan and the publication of the minutes of the previous meeting of the Federal Open Market Committee of the USA. We keep medium and long term positive outlook and would recommend to open long positions with a stop below 102.70.

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