After 2 days of indecisive price action, selling was resumed yesterday. The bulk of this decline was posted in Asian overnight action but a European rally proved limited and temporary. So USDJPY posted the most bearish levels for 5 months. But the market was unable to maintain those extremes with the resulting profit taking leaving USDJPY with limited net movement on the day. This keeps immediate studies weak but with Asia extending yesterday's positive bounce our call for this morning is a Buy from 7am but leaving room to also Buy any Dip to 107.18, Asia’s open. The risk is 106.90 with an immediate target of 107.70, Thursday’s Marabuzo line. A move through that point then exposes sentiment to 107.94, last week's Marabuzo line, and 108.15, Thursday’s peak.
Rally From Lows
USDJPY Current Trading Positions
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