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USDJPY waits for its next tailwind near key barrier
USDJPY recouped more than half of its sharp losses that occurred at the start of the month thanks to the bounce off the 50-day simple moving average (SMA) near 151.84. But the bulls seem to be struggling to jump back into the broken bullish channel, which is currently capping upside movements near 156.60. Given the pair’s rise above the 20-day SMA and positive RSI trajectory, there is potential for further improvement. Nevertheless, traders could approach the situation cautiously as the stochastic oscillator has charted a negative cross above the overbought level of 80. Once the pair surpasses 156.60 and the ... (full story)