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USD/JPY update (16th May 2017, 12:00)

USD/JPY - a turnaround in play?

USD/JPY - a turnaround in play?

The rally yesterday petered out below ¥114, creating a new lower high for USD/JPY, but for the time being the ¥113.20 level continues to hold. A move below here would strengthen the case for a continued downtrend on the hourly chart. Further losses would target ¥112.50 and then ¥111.68.

A close back above ¥114 would start to suggest a turnaround is in play, while a close above ¥114.50 would invalidate the bearish hypothesis.


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USD/JPY update (16th May 2017, 12:00)

USD/JPY - a turnaround in play?

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