USD/JPY rejects massive level (yen futures bouncing from resistance)
|The USDJPY rekected a massive level in early European trade (104.00-104.40) and is bouncing back up. This llevel has historically has seen big buyers jump in. This was the Sept. 20 2020, Aug. 25 2019, Jan. 1 2019 and March 22 2018 lows. After those lows we have seen rallies ranging from 7.4% to 9.30%
Price has been ranging around this level since August and a surge here could trigger a long term rally if the current structure breaks.
Key levels to the upside: 105.00 and 106.00
A break of the 106.00 would be extremelly bullish.
Also Japanesse Yen Futures are rejecting a big level of resistance now and if sellers take control this scenaario is even more plausible
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