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USDJPY: Sellers Need to Hold 113.00
USDJPY has broken below trend line support that extends from the year-to-date low. But this isn’t the first time. You may recall the October 26th breakdown. We had waited several weeks for that close. Unfortunately, it turned out to be a false break. The recent price action does appear to hint at weakness. I mentioned the way buyers were struggling to extend rallies in October. That alone suggested USDJPY bulls were tiring. Will this time be different or more of the same? That’s the question that needs answering. If this trend line is still significant, we should see USDJPY encounter selling pressure below ... (full story)