Dollar/yen
Last week's range: 121.19 122.14 (Up)
Previous range: 120.85 121.89 (Up)
Dollar/yen climbed to a four-month high of 122.14 on Friday and virtually matched the five-year high of 122.18. The outlook is cautiously bullish, but the pace of the rally should slow.
Above 122.18 the next resistance comes at 122.50 from another 50-point pivot, which targets 122.00 and 123.00. Distant resistance is at 124.00.
Initial support is 121.80. Key support level remains at 121.05 from a 50-point pivot, which targets 120.55 and 121.55. Below 120.00, strong support comes at 119.65 from another 50-point pivot that targets 119.15 and 120.15. Next level is 118.85. Distant support remains at 118.25 from a 50-point pivot that targets 117.75 and 118.75.
NEAR-TERM: Bullish
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
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