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USDJPY could be looking at a break higher. The break above the 200 day SMAA has led to a sustain bullish rally for the pair but the technical level has served as support which may limit the downside risk to a long trade. Risk appetite is definitely on the rise with oil easing and the recent Merrill Lynch news of a stock offering has yet again spurred hope that the worst of the credit markets has passed. Even our technical analyst Jamie Saettele has a bullish strategy for the pair in his short term outlook, with a target above 108. The 110.24 76.4% Fibo level of the 1114.75 i 95.69 decline, may be a little ambitious, but I think a test of 109 could be feasible.
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