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USD/JPY Consolidates After Retesting Declining Trendline
USD/JPY dropped sharply on Friday on the back of weak US CPI and retail sales figures. The pair retested a declining trendline and has consolidated near it since. The declining trendline in USD/JPY connects the high posted in December with the high posted in May and is best seen on a daily chart. The currency pair made a bullish break above it near the start of the month. USD/JPY hit resistance at 114.42 early last week and has turned lower in a correction. On a 4-hour chart, the pair has fallen below support from a rising trend channel that has contained price action since mid-June. The break lower signals that a ... (full story)