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Paradise Lost for USDJPY Bulls?
“Long is the way and hard, that out of Hell leads up to light.” – John Milton, Paradise Lost Last week, we highlighted a big inverted head-and-shoulders pattern on USDJPY, and with rates peeking above the 125.00 level yesterday, bulls finally thought they had fought their way out of proverbial “trading hell” and into the light (see “USDJPY: Bulls Revving Up, but Break above 124.50 Needed”). As experienced traders have learned though, what the market giveth, it can also taketh away; USDJPY reversed sharply to the downside today, falling from a high of 125.30 all the way down to trade briefly below 124.00 ... (full story)
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