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USD/JPY – A Price Bottom Suggests a Bullish Outlook
Janet Yellen did not have anything new to add at her speech at the Economic Club of New York. The forex markets did not move on anything she said. Instead it has been stabilizing during the 4/16 US session, after some swings in the earlier part of the global session as can be seen in the USD/JPY. Bearish to Neutral to Bullish: For the USD/JPY, price action during the 4/15 and 4/16 session suggests a bullish outlook. The 1H chart shows a market that has turned neutral, hovering above 101.30 after last week's sharp slide from 104.12 to 101.31. By the 4/16 session, you can say there is an inverted head and shoulders, or ... (full story)