USDJPY has broken out of a falling channel set from April's swing high to stall ahead of resistsance at 80.96, the 23.6% Fibonacci retracement of the 4/6-5/5 decline. A break above this juncture exposes the 38.2% Fib at 81.83. Risk-reward considerations argue against entering long here with prices so close to resistance and I will remain on the sidelines for now looking for an attractive entry opportunity.
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