JPY Trading Outlook (27-05-2014)

USD/JPY Recovery from Wed’s 100.81 low peaked 102.03 Friday and posted 102.05 highs in Asia today. Setbacks have been limited however and lead many to position for another push higher targeting mid 102’s. However, resistance is strong with decent exporter offers through 102.20, daily highs 102.13/28 from May 15/14, 100dma 102.50 and the daily cloud between 102.35-67. Decent bids in to 101.50 and the 200dma at 101.33. EUR/JPY recovery from 138.15 lows Wed’ peaked 139.13 Thurs and yet to extend (139.10 today’s high).

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