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mrchoudhury

USDJPY TO RETRACE FURTHER BEFORE DROPPING

Short
U.S. Dollar / Japanese Yen (FX:USDJPY)  
mrchoudhury Updated   
FX:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Chart Patterns USDJPY
5
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trendanalysis chartpattern usdjpy
USDJPY to go further and maybe hit 109.00 level before coming down, if howeve usd gains further strength it is likely to go to 110.00 at support before dropping. price action around these levels should be looked at closely.
Comment:
USD JPY found strength and so has broken through 109.00, therefore head and shoulder pattern not valid here. looking to target 110:00 and for a larger head and shoulder pattern we need to look as far back as mid June which gives us an inverse Head and Shoulder pattern. the 109.00 level is currently testing the neck line, a retest of this as support will see price climb to 110.000
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