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USDJPY Sells Off From New Resistance
On January 28th, I discussed a confluence of resistance for USDJPY. The intersection of the November 2018 trend line and Friday’s close meant that any retest of 109.20/30 was bound to attract sellers. To be more precise, Friday’s close was 109.27. I even included this price in the title of Tuesday’s post. Wednesday’s high was 109.26, just one pip off of Friday’s 109.27 close. Now, you may be wondering why 109.27 would be a significant price for the USDJPY, and it all comes down to gaps. I’ve written about this concept in the past, but open gaps like the one that formed between Friday and Monday can often ... (full story)