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Technical Update - Rebound time in JPY pairs: USDJPY, EURJPY, AUDJPY, GBPJPY and CHFJPY
USDJPY has formed a Doji morning bottom and reversal like pattern (not the most textbook perfect pattern) and is close to be testing minor resistance at around 142.85. A close above could further fuel the bounce to the 0.382 retracement at around 144.70 A close above 144.95 and above the 200 DMA could push USDJPY higher towards 146.60-147.50. The declining 55 and 100 DMA’s will limit the short-term upside potential however. RSI divergence indicated downtrend exhaustion supporting the rebound picture currently unfolding. A close below 140.25 is likely to send USDJPY down to around 138. chart EURJPY seems to be ... (full story)