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USD/JPY: Has Met and Exceeded Its Inverted Head and Shoulders Target
USD/JPY is making higher highs confirming the strong underlying uptrend. In fact the long term inverted head and shoulders target has also been met close to the 92.50 region.
USD/JPY has validated a long-term bullish trend reversal formation by breaking the strong resistance at 85.53 (06/04/2011 high). The first long-term objective is the key resistance at 94.99 (04/05/2010 high). Another key resistance can be found at 101.45 (06/04/2009 high).