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USD/JPY Breaks Short-term Trendline in Throwback action
Following up with the previous update on USD/JPY, we see the pair coming off a 6-month high after rallying to 80.66. It ended the week and starts this week (11/5) with a throwback that broke below a rising trendline that has held price action bullish since October 30. Momentum: The bullish momentum in the 1H chart is being tested as the RSI hangs around 40. A break below 40 reflects loss of momentum, while holding above it shows maintenance. A break back above 80.36 with the RSI also pushing above 60, would be an early sign of bullish continuation, but perhaps we are in for some consolidation before this scenario. ... (full story)