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FxWirePro: USD/JPY neutral in the near-term, scope for downward resumption

• USD/JPY eased   on Monday   as investors anxiously waited for more direction from new Prime Minister Shigeru Ishiba.

• The yen rose on Friday after the ruling Liberal Democratic Party elected Shigeru Ishiba, a former defense minister and critic of ultra-loose monetary policy, as its leader.

• Meanwhile, ongoing Israeli strikes in Lebanon contributed to the growing geopolitical uncertainty.

• A daily close below 23.6%fib will further improve bullish outlook, and open the possibility of rally towards 140.00.
 
•  Immediate resistance is located at 143.19 (Daily high), any close above will push the pair towards 144.78 (38.2%fib).

• Support is seen at 141.51 (23.6%fib) and break below could take the pair towards 139.92(Lower BB).

Recommendation: Good to buy around 142.20, with stop loss of 142.70 and target price of 140.00

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