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USD/JPY Pulls Back in a Consolidative Pattern Ahead of Christmas
The USD/JPY currency pair on Monday continued to trade in a consolidative pattern formation edging lower below 109.400 ahead of Christmas. The currency pair has lacked steam over the last week to gains from the prior week but still remains relatively close to the current multi-month highs of about 109.724. The currency pair is now experiencing pressure from both the bulls and the bears as it traded between the 100-hour and the 200-hour SMA lines forming a convergence. From a fundamental perspective, the USD/JPY currency pair is trading ahead of a relatively calmer period in the US market due to the Christmas holiday ... (full story)