USD/JPY
Strategy: Flat
USDJPY looks to have broken past resistance at the top of a falling channel that had guided the pair lower since April. However, near-term positioning suggests a Rising Wedge bearish reversal pattern is taking shape, with negative divergence on the RSI oscillator bolstering the case for a downside scenario. We will remain on the sidelines for the time being as the pair resolves these conflicting cues and the path of least resistance is revealed.
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