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Fan Yang

USD/JPY - Looks like I was Wrong and It Will Likely Tag 108-108.15.

Recently, I noted that USD/JPY looks like it is cutting short its rally towards 108-108.15 pivot. Instead, it is maintaining the short-term bullish momentum and trend, and looks very likely to hit the 108-108.15 area. 

USD/JPY 4H Chart

(click to enlarge)

Bullish:
- The 4H chart shows a market that has turned bullish.
- Price is above the 200-, 100- and 50-period simple moving averages (SMAs), showing bulls are in charge.
- Also, the RSI has been holding above 40 and tagging 70, which reflects maintenance and persistence of bullish momentum.
- I thought the dip from the 4/16-4/17 session showed weakness, but price remained bullish. 
- I think with momentum picking up, we might see USD/JPY push beyond 108.15 ,at least to the 108.50 area. 

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