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USDJPY cements floor within bearish channel
USDJPY held a floor within the 104.00 – 104.20 area, keeping the downward pattern paused within the descending channel for the fourth month. Currently, the RSI is running towards its 50 neutral mark after bottoming out within the bearish area, suggesting that the bulls may not abandon the battle in the short-term. Adding to this encouraging signal is the price itself, which is stubbornly refusing to visit the lower band of the channel, hinting that a test of the upper band is more likely instead. Still, the 20- and 50-day simple moving averages (SMAs) seem to have built a strong wall within the 105.00 zone, which ... (full story)