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USDJPY Reaches Our 104.20 Target, What’s Next?
On October 9th, I wrote about how USDJPY would remain bearish below 106.50. Then on October 14th, I mentioned how the lower highs since February pointed to a retest of 104.20. The pair was also breaking out of a small rising wedge formation. Additionally, USDJPY has held below the 106.50 resistance area, which used to be the bottom of a large symmetrical triangle. Those who have followed me for a while are very familiar with the chart above. It’s been my guide for the USDJPY since July. So, now that the pair has reached our first target at 104.20, where to next? For that, we have to turn back to the monthly time ... (full story)