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USDJPY recently reversed up from the support area located between the support level 107.000 (which stopped the previous sharp ABC correction (2) from the end of March), lower daily Bollinger Band and the 50% Fibonacci retracement of the previous strong upward impulse wave (1) from the start of March. Given the strength of the strength of the aforementioned support area – USDJPY is likely to extend the gains toward the next resistance level 109.000 (which stopped the previous impulse wave 1).
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