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USD/JPY: Advances to the top of the range at 102.42
The USD/JPY pair has been trading sideways since the 24th of June 2016, with the price ranging between the levels of 102.42 and 101.41.
Today, the pair bounced off from session lows, currently trading at the top of the trading range at 102.42. Regardless of improving global risk appetite, the pair didn’t register any significant recovery, as investors remained cautious about the implications of the UK’s vote to exit the EU.
Market watchers now shift their attention to the final print of the U.S. gross domestic product for the first quarter of 2014 and June consumer confidence statistics in order to take advantage of some trading opportunities.
On a subsequent break that 102.42, the pair could rise up to 102.71 and 103.55 in extension.
On the flip side, in the scenario where the price breaks below 101.84, the pair could find support at 101.61 and 101.12 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.