Technically, the break through the resistance level of 1.0780-1.0800 looks promising, but an even more significant level of 1.0850/60 is ahead, the break through which will return the pair to the range that preceded the presidential election in the US last November.
Today the pair opened with a large upward gap in the area of 110.50. Without of its main support, the yen can fully recover and return to the area above the main technical resistance of 110.50/60.
The pair returned to where it was before the announcement of early elections. If it manages to gain a foothold in the area of 0.8480, we can forget the fall to the lows of June 2016 (in the area of 0.8310).
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