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Technical Analysis
The USDJPY pair is testing the level of 120.31
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[QUOTE="Wanja, post: 95680, member: 36293"] [URL deleted]Trade Idea Update: USD/JPY - Stand aside [IMG]https://charts.mql5.com/9/941/usdjpy-h4-instaforex-group.png[/IMG] The greenback dropped sharply again today and briefly penetrated 116.00 level, however, lack of follow through selling and the subsequent quick rebound to 116.97 suggest consolidation would be seen and test of the Kijun-Sen (now at 117.04) cannot be ruled out, however, reckon the lower Kumo (now at 117.26) would limit upside and price should falter below the upper Kumo (now at 117.57), bring another decline later. On the downside, below intra-day support at 115.97 would signal recent decline is still in progress and may extend weakness to 115.90-93 (61.8% projection of 120.66-116.69 measuring from 118.38), then towards 115.70, however, near term oversold condition should prevent sharp fall below 115.50, bring rebound later. In view of this, would be prudent to stand aside in the meantime. [/QUOTE]
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