The pair has now taken out the 50% Fibonacci retracement of the 3/17-4/6 advance at 80.93, clearing the way for a move lower to the 61.8% level at 79.85. I am treating the pullback from early April as a buying opportunity, expecting USDJPY to rise along with US Treasury yields as the Fed allows QE2 to expire in June against a backdrop of increasing fiscal stress in the States. No entry point has materialized as yet and I will continue to monitor prices for viable opportunities to get long.
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