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USDJPY below 119.70 is bearish

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The USDJPY has weakened making a bearish zig-zag and the weakness followed the World Bank report which cut Japan 2016 forecast growth. Against JPY, USD is losing the battle which I see as a risk off sentiment. Remember - Gold UP, Commodities prices down, Equities down - Yen strengthens as a result. Technically the pair has made a bullish pin on H1 time frame and accompanied by a bullish divergence it could spike the price up towards 118.80-90 (50.0, previous triple top/historical sellers, E89)

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