Another topside failure has led to a sharp pullback, with the market unable to establish above a formidable resistance zone in the 112s. Last week's drop below 109.70 strengthens the bearish case, exposing the next major downside extension towards a retest of the January flash crash low in the 104s. Any rallies should now be well capped below 112.00, with only a break back above the yearly high at 112.40 to delay the bearish outlook.
In this analysis, we take a look at USDJPY each day, highlighting all of the need to knows for anyone looking to extract up to date information on major levels and relevant trends, both short term and longer-term. The analysis is designed for the trader, investor and even those simply holding Yen or US Dollars, looking for an idea of where they may want to consider making that next conversion.
The USDJPY update is new each day and is presented with an added layer of animation, in an effort to make the analysis as engaging as possible, while also communicating the message with respect to key trends and levels in an easy to understand, seamless manner with great value add to all.
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