Based on a Weekly Chart, USDJPY is intact on a downward Channel as shown on the chart below. Even in the last year, the USDJPY has a smaller channel and is still on the downward trend. So, it is safer to trend following USDJPY by shorting it
Read more →Quick inspection of this monthly chart shows the pair coming close to an all time low.
Read more →Together with the previous high at 102.00, we might see some resistance before price is able to clear. FX is steeped in the use of Fibonacci levels. The A-B-C reveral pattern of higher-low is also a 50% retracement level.
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