Tanalys

USD/JPY ST: caution.

Pivot: 122

Our preference: Short positions below 122 with targets @ 116 113.4 in extension.

Alternative scenario: Above 122 look for further upside with 126 127.7 as targets.

Comment: The upward potential is likely to be limited by the resistance at 122.

Supports and resistances:

127.7 **

126 ***

122 ***

121.39 Last

116 **

113.4 **

110 ***

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