31.07.2014 - Yen continues to cheapen

The price of USD/JPY rose sharply yesterday, after breaking through the target level of 102.70, continued to grow and now is consolidating in the corridor 102,70-103,00. At the moment, the more likely is the continued upward movement with the objectives of 104.00 and 104.70. Confirmation of the signal to open positions will be fixing the price above 103.00. In such case, the stop should be placed below 102.70. We maintain our positive outlook for the medium-term and recommend holding long positions.

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