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Usdjpy testing critical resistance

As advised in an earlier post , usdjpy rallied from 112.60¥ and currently testing 113.50¥ which is around 78% fibconnaci retracment level

A short position can be opened at current level with target 112.80¥ and stoploss on any 1h candle close above 113.50¥ . A break above 113.50¥ will send the pair to 114.60¥ area. RSI indicator is currently sitting at 70 mark . 

There is no much of economic data today , key event will be CPI inflation data to be released at 13:30 GMT.

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