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The dollar is down across the board as the market started off the week with a positive mood. US Treasury yields moved slightly higher after the FDA approved a promising coronavirus treatment. USD/JPY is technically bullish with very limited volatility.

The Technical Outlook on USDJPY

On the 4-hour chart we see a start of a bullish move in the works, as we have crossed over a key diagonal trend line to the upside last week and confirmed our bullish trajectory. Our medium-term target price is 109.29, which we believe can be reached by the end of this trading week.

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