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USDJPY Teeters on Key Support Ahead of NFP
On Sunday I pointed out a possible wedge pattern on USDJPY. The upper level extends from the year-to-date high near 114.50. It came under pressure on November 28th, but sellers held their ground. The lower level begins with the August low at 109.77. It connects with the October low at 111.37. However, wedge support is a little more questionable than resistance. We saw resistance cap the November 28th advance, but we have yet to see how this support level will hold up. It may not take long to find out though. Today’s session is testing support as I type this. And so far, I am starting to see a few bids crop up near ... (full story)