Stalking USD/JPY’s Bearish Correction

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Stalking USD/JPY's Bearish Correction

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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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.