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Long

forexTrdr USDJPY - RETAIL#S SAY NO NEED FOR DOUBLE RATE CUT

FX:USDJPY   U.S. Dollar / Japanese Yen
Afternoon traders,

Another strong beat for US retail data further suggesting that the economy does not need a full 50bp rate cut from the US central bank and that 1 cut is more than enough. The retail beat along with strong employment data at start of the month making the market rethink multiple rate cuts and a lower US dollar .

For this specific trade we have an ascending support line shown in blue on our trading view chart and multiple bounces off of 107.8 area. We are looking for a near term move to 108.5 and potential break higher to resistance around low 109.

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