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USDJPY: Waiting for a Daily Close Below 105.50
I discussed the USDJPY a couple of times back in mid-February. Following the close below the September 2012 trend line on February 13, we began looking for short entries for a move to key support at 105.50. That level was reached just three trading days later on February 16. But even the bounce from 105.50 had us watching for short entries again between 107.70 and 108.00 per my February 20 commentary. Although a bit choppier on the way down, that too was a profitable trade. However, since that time the price action on the USDJPY has been incredibly choppy. As such, I’ve remained on the sideline for about a month ... (full story)