USD/JPY: Approaching resistance at 94.46

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25-02-2013 13:59

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The US dollar/Japanese yen (USD/JPY) exchange rate left behind a bullish gap at the start of the week, according to technical analysts at Digital Look in London.

This will "allow the currency pair to maintain its bullish medium-term outlook and to approach the resistance level at 94.46," the firm said on Monday.

Analysts said that a breakout of this level would confirm the start of a new rally that could extend towards 97.

"Although the trend is clearly bullish, we will monitor support at 92, the lower part of the current consolidation phase."

CN

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