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FxWirePro: USD/JPY sustains gains as uptrend remains strong

• USD/JPY saw a modest gain on Thursday as   the dollar strengthened in holiday-thinned trade.

• The yen is headed for its fourth straight year of losses after depreciating by almost 10% versus the dollar this year.

• Japanese authorities last intervened in the currency markets in July, buying yen to support its value after it fell to a 38-year low below 161 yen per dollar. 

•  At GMT 11.28,the dollar was up 0.24% at 157.56 against Japanese yen .
 
•  Immediate resistance is located at 157.74 (23.6%fib), any close above will push the pair towards 158.48 (Higher BB).

•  Support is seen at 156.27 (Dec 23rd low) and break below could take the pair towards 155.00(Psychological level).

Recommendation: Good to buy around  157.20 with stop loss of 156.40 and target price of 158.00
 

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