USD/JPY
Strategy: Flat
Broadly speaking, USDJPY positioning remains unchanged: prices are confined to a downward-sloping channel established from the top in 2007 bouncing higher following a test of support in the 84.21-87.09 region, the major bottom dating back to 1995. Hints of a bullish bounce persist as RSI shows positive divergence, but whether this will undo the current downtrend remains uncertain. We will remain flat for the time being, looking for a more actionable signal in the days and weeks ahead.
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