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Current trend

USD/JPY is in the stage of upward correction after falling to the level of 108.245. If the "bulls" manage to raise the rate above the level of 108.415, the correction can continue to the area of 108.594, at the middle line of Bollinger bands. There is a chance of an downward rebound, while its breakout would allow the growth to continue to the area of 108.723-108.789. This area seem a key resistance zone for the buyers in near-term period. Decisive break of 108.789 can accelerate the pair towards 108.984 resistance.
Alternative scenario.
If USD/JPY cannot consolidate above the level of 108.415 during short term period, the pullback and retest of the support level 108.245 are possible. The downward trend will be restored after the price is set below the level of 108.203. In this case, the next targets of sellers will be the level of 108.008.
The technical picture is mixed. Bollinger Bands are pointed downwards. The volumes of MACD histogram are slightly growing in the negative zone. Stochastic is pointed upwards.

Support and resistance

Support levels: 108.203, 108.008, 107.813.
Resistance levels: 108.415, 108.594, 108.723, 108.984.

Trading recommendations

Long positions can be opened above the level of 108.594 with the target at around 108.723-108.984 and stop-loss 108.464.
Short positions can be opened below the level of 108.203 with the target at around 108.008-107.813 and stop-loss 108.303.

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