USD/JPY Bulls are losing momentum

FXStreet Team FXStreet

USD/JPY sellers stood their ground and buyers retreated in recent sessions as MACD (26, 12, 9) has fallen off below its median line.

On a 4hr chart, this technical condition may be taken by many trend-following traders as a trigger to liquidate long positions.

The fact that the MACD hasn't been under zero for at least one week of trading, reinforces the argument that room for further USD/JPY depreciation is there.

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FXStreet Team

FXStreet

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