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USD/JPY below 121.00 risks a drop towards 117.50 - Vladimir Mihaylov

FXStreet (Barcelona) - Independent Analyst, Vladimir Mihaylov, sees downside risks for USD/JPY if the pair fails to move above 121.00 in the next 2 weeks.

Key Quotes

“JPY consolidates ahead of the BoJ rate decision this week and the dollar still keeps hopes for another upside. However it has to deal with 119.90-120.00 first, then 120.70.”

“We have support at 118.50.”

“If we do not succeed to break above 121.00 for the next 2 weeks the pair is going to drop to 117.50 and below.”

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