USD/JPY flirting with an important upside
The USD/JPY has been the most volatile FX pair in the past trading sessions with the greenback pushing as high as 98.6 against the Japanese Yen. At 98.4 this morning, the bears are pushing the market lower after the pair reached the bottom of a wedge formation on the daily chart. This is a critical level for this market and it looks like this week’s price movement could establish a strong trend in the market. A break above the 99.43 level would suggest the end of the downtrend, sending the market as high as 100.42 and 101.42, confirming the completion of a big double bottom formation on the daily chart. In the alternative scenario, we would have to see a break below key support at 98 in order for the downtrend to resume.
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