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USDJPY Close to Confirming 450-Pip Reversal
On October 7, I wrote about the potential for a 450 pip move from USDJPY. At the time, the pair was resting above support at 106.80. That was a must-hold level for USDJPY buyers. Immediately following that post, the pair rallied 40 pips, taking out the October 3 high. The October 8 session retested the 106.80 support level, but buyers once again defended the area. Fast forward to today, and the USDJPY is up 170 pips from 106.80. However, buyers face a crucial test today. They still need to secure a daily close above the 108.30 area, which is the neckline of this potential inverse head and shoulders pattern. As I ... (full story)
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