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USDJPY to Move Lower Next Week Following Key Breakdown
The USDJPY just closed the week below an eight-year trend line. I mentioned this level on December 9th, where I stated that a weekly close below 103.60 would open the door to 101.00. That’s the location of the trend line from late 2012. We also looked at how USDJPY reacted to this level on December 15th. If you’re a lifetime member, you know the December 14th candle was not a bullish pin bar for buying. In fact, I told DPA members that I was only interested in shorting USDJPY. There were three reasons why the December 14th candle wasn’t a buy signal. First, USDJPY has been carving lower highs since February. ... (full story)