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USD/JPY Oversold Short Term But Still Headed Lower

USD/JPY Oversold Short Term But Still Headed Lower

USD/JPY Technicals” title=”USD/JPY Technicals” src=”https://d1-invdn-com.akamaized.net/content/picf83297e18ca989b946a4a7dd06a181a8.png” height=”319″ width=”910″ />USD/JPY continued lower today as predicted for a test of 97.75 and bottomed almost exactly here at 97.70. We are getting oversold short term but with the daily chart still negative we could continue lower to 97.52/47 for a buying opportunity. A low for the day is expected here but longs need stops below 97.35 for a test of the 200 day moving average at 97.15 & our next buying opportunity.Immediate resistance at 98.10/15 but above 98.20 opens the door to a test of resistance at 98.36/42. A high for the day could be expected here. Exit longs & try shorts with stops above 98.56.

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