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USD/JPY Forecast: Bearish odds improving, drop to 108.20 likely
The USD/JPY pair risks falling to the gradually descending (bearish) 100-day moving average (MA), currently located at 108.20, this week, the technical studies indicate. At press time, the pair is trading at 109.15 - down 2.20 percent from the recent high of 111.40. The pullback seems to have put the base back into the driver's seat, at least for the short-term. Weekly chart: Key week reversal The pair created a bearish outside-week candle last week, signaling the rally from the March 29 low of 104.63 has ended. A negative follow-through this week would confirm a bullish-to-bearish trend change. That said, the ... (full story)