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USDJPY Future Direction Hinges on 108.40
The USDJPY is coming off a resistance area today near 109.60. I discussed this level in the December 14th forecast video and again on the 21st. It’s a trend line that extends from the November 2018 high. One could even argue that it extends from the October 2018 high. Either way, it’s clear now that 109.60 is attracting sellers. The trend line below also outlines the short-term downtrend on USDJPY that has been in place for thirteen months. In fact, the USDJPY has struggled to maintain any long-term gains since the head and shoulders pattern that developed in 2015. I mentioned this topping pattern several times ... (full story)