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USD/JPY Bounces Off Trendline Support
USD/JPY is modestly higher today, as the yen has weakened after last week’s appreciation. USD/JPY is currently at 113.11, a gain of 0.2% over Friday’s close. The advance has lifted the pair off the falling trendline which has defined price action since the beginning of the year. A breakout above this trendline occurred early in last week’s trading. However, a rise in the yen during the latter part of last week brought the trendline back into play, as can be seen on the daily chart. The yen’s recent rise was attributed to concerns over the upcoming French elections and the lack of movement in fiscal changes by ... (full story)