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T3-Consultancy

USDJPY H4: Bullish outlook seen, further upside above 138.80

Long
U.S. Dollar / Japanese Yen (FOREXCOM:USDJPY)  
T3-Consultancy  
FOREXCOM:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns DJ FXCM Index USDJPY usdjpylong usdjpybullish Forex forexsignals forextrading
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trendanalysis harmonicpatterns chartpattern usdollar usdjpy usdjpylong usdjpybullish forex forexsignals forextrading
Price is hovering above a key support zone at 138.80 on the H4 timeframe. A throwback to this zone, which coincides with the 78.6% Fibonacci retracement, could present an opportunity to ride the bounce to the resistance zone at 140.40, which is in line with the 78.6% Fibonacci retracement. Stochastic RSI is in the oversold region below 20, supporting our bullish bias.
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