USD/JPY Hesitates But With Upside Bias

USD/JPY hesitates but with upside bias on correction in the days ahead. On the upside, resistance comes in at 106.50 level. Above this level will turn attention to the 107.00 level. Further out, we expect a possible move toward the 107.50 level. A cut through here will open the door for more gain toward the 108.00. On the downside, support comes in at the 105.50 level where a break will target the 105.00 level. Below that level will turn focus to the 104.50 level and then lower toward the 104.00 level. On the whole, USD/JPY faces further upside pressure.

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