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USDJPY Buyers Rejected by 108.70
The USDJPY is testing key resistance at 108.70 this week. I wrote about this level in the June 2nd weekly forecast. You can see where 108.70 served as a pivot back in January and early February. As long as this level holds as resistance on a daily closing basis, the USDJPY will remain under pressure. However, I’m not ready to short USDJPY just yet. One thing I don’t like is the way the pair has been grinding higher since the June low at 107.80. I don’t like to see that much price action to the immediate left of a retest. That doesn’t mean USDJPY won’t sell off from here, but it does mean that I’m in no ... (full story)