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FxWirePro: USD/ JPY loses momentum but bullish setup remains

and upcoming U.S. inflation data.

  •On the data front, Real wages in the world's fourth-largest economy fell 0.6% in August from the same month a year earlier, according to date released by the Ministry of Health, Labour and Welfare on Tuesday

• At GMT 05:14, the pair was trading down 0.12% at 148.00, recovering  from the day's low of 147.65.

• Technical signals are  strongly bullish as RSI is   at 62, daily momentum studies  5, 9 and 10 DMAs are trending up.
 
• Immediate resistance is located at 149.17(23.6%fib), any close above will push the pair towards 149.70 (Higher BB).

•  Support is seen at 147.63 (38.2%fib) and break below could take the pair towards 146.30 (50%fib)

Recommendation: Good to buy  around 147.80, with stop loss of 147.50 and target price of 149.00

  • Market Data
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