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USD/JPY Forecast: long-tailed inside days indicate scope for a rally, eyes US wage growth
Having defended the key 50-day moving average (MA) for three straight sessions, the USD/JPY pair looks set for a bullish move, the technical charts. Daily chart The pair created inside day on Wednesday and Thursday - a reversal pattern which indicates the pullback from the recent high of 111.40 has ended. A positive follow-through today would confirm bullish revival. That said, the pair is more likely to see a positive move today as the long tails/lower shadow of last three daily candles indicates the dips below 108.82 (38.2 percent Fibonacci retracement) and the dips to ascending (bullish) 50-day MA was possibly met ... (full story)