This week, the USD took a break and retreated across the board. The USD/JPY was also in a bearish correction, that is looking to extend further. Let’s take a look at the USD/JPY in different time-frames to assess the current technical mode.
The USD/JPY has retreated from about 110 to 107.50. It is now consolidating between 107.50 and 108.20. A break above 108.20 can revive the bullish outlook, but there will be a challenge in the 108.80-109 area. A break below 107.50 opens up 107, and below that the 105.44 level will be in play. 105.44 was the previous high in 2014 before being broken in September.
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