USD/JPY extended a pullback from its 7-month high of 82.82 scored last week and fell to a low of 81.91 weighed by the risk-off environment. However, the pair managed to regain the 82.00 mark afterward and it is currently trading at the 82.10 area, still down 0.3% on the day.
â€œSince the rally from the 77.12 low to the recent 82.83 high, there was 2 consolidation, or choppy periods, the first of which, was from 9/13 to 10/11 (4 weeks), and the second one from 10/22 to 11/14 (3 weeks)â€, explains Fan Yang, analyst at FXTimes. â€œSo, if 82.83 is going to hold for another consolidation period, be prepared if it does consolidate the rest of the yearâ€.
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