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USDJPY Future Direction Hinges on 108.00

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The USDJPY is testing a confluence of support at 108.00 today.

I mentioned this area in the last weekly forecast video.

It’s the intersection of a trend line support from the 2021 low and the 2015 weekly trend line.

USDJPY weekly time frame

The USDJPY has shown a slight bounce so far from today’s low of 107.80.

Traders should respect the potential for a bounce while USDJPY is above 108.00 on a daily closing basis.

However, the recent selloff from 111.00 was relatively aggressive.

That’s not what you typically see from a corrective move.

On the other hand, a daily close below the 108.00 area would expose 106.60.

The 106.60 area has been critical for USDJPY since last May.

Alternatively, a bounce from the 108.00 area would re-expose 111.00 and perhaps the 2020 highs at 112.20.

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USDJPY daily time frame

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4 comments
Justin Bennett says

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Roberto says

Hi Justin, thank you so much for your newsletters – always very informative and accurate.

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ali says

thank you for the update justin.

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Samuel says

Thanks for the updates.

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