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USDJPY Reacts to 103.60
Last week, we looked at what could be a critical trend line support for USDJPY. The level extends from the September 2012 low and intersects with the March 2020 low just above 101.00. You can also see how USDJPY caught a bid at this level in November. It’s the support level that triggered the 200+ pip rally on November 9th. USDJPY reacted to that trend line again yesterday, which proves to me that the level is significant. However, instead of buying from 103.60, I prefer looking for a short opportunity. Why? There are two primary reasons. First, USDJPY has been carving lower highs since February. Even the massive ... (full story)
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