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USDJPY Presses Resistance Ahead of BoJ- Support at 108.87
The USDJPY is trading within the confines of a well-defined Andrew’s Pitchfork formation off the October lows with a clear break of the weekly opening range yesterday (post-FOMC) shifting the focus to the topside. The rally has now taken the pair into key resistance just shy of the 2014 highs. Long exposure is at risk heading into 109.52/59 with a breach (on a close basis) needed to maintain our topside scalp bias. Bottom line: Look for short triggers ahead of 109.60 with a move sub-108.87 / pitchfork support offering further conviction for our near-term scalp bias. A breach above 109.60 invalidates the short-bias ... (full story)