Japanese Yen Remains Vulnerable in Near Term
Focus remains on the all time low just below 8000 (1995 low) for the USDJPY. A multi month channel defines the near term trend but RSI divergence on the daily (multiple times over the past several months) warns of a reversal. Near term, the rally from 8360 is in 3 waves, which leaves the USDJPY vulnerable. I can envision a new low following tomorrow’s NFP release before a more important low is in place.
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