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USDJPY creates bearish correction in near term
video USDJPY has reversed back down again after finding resistance at the 109.70 barrier achieved on April 30. Momentum indicators are pointing to a neutral to negative bias in the short term with the RSI just below 50 and the MACD oscillator is flattening near the zero level. Further losses should see the 108.40 mark, inside the Ichimoku cloud, acting as major support. A drop lower would reinforce the bearish structure in the short-term and open the way towards the next key support of the 38.2% Fibonacci retracement level of the upward move from 102.60 to 110.95 at 107.76. In the event of an upside reversal, the ... (full story)