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19 Apr 2013
Forex Flash: USD/JPY, above 100.00 the 105.00 comes into sight - BTMU
FXstreet.com (Barcelona) - Bank of Tokyo Mitsubishi UFJ analysts offered their technical analysis on USD/JPY, pointing out the fact that the pair has already "more than retraced halfway to the 99.73 midpoint between the June 2007 high of 124.14 and the October 2011 low of 75.32, with the 61.8% retracement point at 105.49, and 112.61 would mark a 76.4% retracement."
"Using the August 1998 high of 147.64, a halfway retracement would be 111.48 (and a 61.8% retracement would be 120.01), therefore, once USD/JPY exceeds 100.00, the April 2009 high of 101.45 or 105.00 would come into sight. Then the next marker could easily be the August 2010 high of 110.00 or even higher" the team adds.
"Using the August 1998 high of 147.64, a halfway retracement would be 111.48 (and a 61.8% retracement would be 120.01), therefore, once USD/JPY exceeds 100.00, the April 2009 high of 101.45 or 105.00 would come into sight. Then the next marker could easily be the August 2010 high of 110.00 or even higher" the team adds.