The USDJPY closed above the 109.00 handle on Tuesday. It’s a key level I’ve discussed several times since the pair was bouncing from 106.80 support in early October. However, I have some concerns about the current rally. The first is what just occurred on the weekly time frame. Notice how the USDJPY price action last week engulfed the range of the previous one. It wasn’t the most bearish close, but it still qualifies as a potentially bearish signal, in my opinion. Tuesday’s session came close to taking out the high of that weekly candle but fell short by four pips. You may think the weekly candle above is enough to ... (full story)