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USD/JPY Climbs Above 118 to Test a Falling Trendline
Bearish Correction: In 2015 so far, USD/JPY has fallen from about 120.75 to 116.00 before finding support and rebounding. Rebound: The 4H chart shows that price has broken above 118, which was in a support/resistance area. This rally also breaks above a previous resistance, which suggests the short-term downtrend is shifting. Falling Trendline: Now, price action is against another barrier around 118.50. There is a falling trendline (a couple variations shown in the 4H chart), around the 118.50 area. Note that the 4H RSI is approaching 60. If the market is to remain bearish, it should stall price around 118.50, and ... (full story)