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USDJPY: Stay Flat as Prices Resolve Channel Resistance

USDJPY: Stay Flat as Prices Resolve Channel Resistance

2010-03-17 12:43:00
Ilya Spivak, Sr. Currency Strategist
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Last week, I opted to book profits on my short USDJPY position as prices put in a Bullish Engulfing candlestick formation, hinting that a rebound was ahead. Indeed, the pair advanced considerably higher with prices now on pace to test major resistance at the upper boundary of a falling channel established from the high in April 2009. I will remain on the sidelines for now, watching how positioning evolves from here.

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