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USD/JPY Mired In 31-Year Congestion Zone

USD/JPY Mired In 31-Year Congestion Zone

The USD/JPY pair is mired in a 31-year sideways congestion zone, as shown on the following monthly chart.

Major resistance and support are formed by a long-term 40% Fib retracement level at 124.34 and the 23.6% level at 105.69, respectively. The momentum and rate-of-change technical indicators have been in downtrend since mid 2013.

Until we see a clear breakout above or breakdown below one of those Fib levels, the yen will likely continue to be subject to volatile, non-directional whipsaw price action between them.

Monthly USD/JPY

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