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USDJPY: Keep This 470-Pip Wedge on Your Radar
Just when it looked like USDJPY would break down on Monday, buyers came to the rescue. I first pointed out this wedge pattern on December 2nd. We discussed it again on the 6th ahead of non-farm payroll. The USDJPY was testing support at 112.40 when I released that commentary on the 6th. As you can see, support held then and did so again yesterday. The pair did break the 112.40 area on an intraday basis. But remember, we’re looking for a daily close below support or above resistance. This is exactly what you want to see if you’re waiting for a break. The longer a market consolidates, the more explosive the ... (full story)