Direct from the desk of Dane Williams,
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USD/JPY Technical Analysis
How about that Japanese Yen!
We've talked about USD/JPY being capped by resistance, as price range traded below the higher time frame zone.
But with a level of optimism coming back into the overall economic narrative, we've seen money flow out of the safe haven JPY and back into the risk-on currencies and indices.
Just take a look at the price action over the last week in USD/JPY on the daily.
Four bullish daily candles in a row from Monday to Thursday, then an indecision candle at resistance on Thursday.
The pair then gapped down to open the fresh week on Monday, but was immediately bid back to the highs where we now remain.
Channel resistance becomes the next hurdle, but I really do like the way that price gapped down into our higher time frame support/resistance zone and then was immediately bid.
It's a good sign for USD/JPY bulls.
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Best of probabilities to you,
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Market Analyst and Forex Broker.