Market is not random but unpredictable
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USDJPY: Keep This 3,000 Pip Wedge on Your Radar
The USDJPY continues to move sideways between 107.30 and 108.00. I’ve discussed the key levels I’m watching here several times, one of which is 107.80. Buyers have managed to take USDJPY above 107.80 intraday. However, we’ve yet to see a daily close above that level. We saw this happen on Tuesday when the market reached a high of 107.92 before selling off into the close. This tells me that USDJPY needs to close above the 107.80 to 108.00 area if it intends to reach the 109.00 resistance area. And if you’re a bear, sellers need to take out 107.30 and 106.90 to take prices down to key support at 106.00. But ... (full story)