USDJPY: Downturn to Yield Long Entry Opening
USDJPY showing a Rising Wedge formation bolstered by negative RSI divergence, a setupindicative of a bearish reversal. Prices put in an Evening Star candlestick pattern below the wedge’s upper boundary (near the 95.00 figure) and pushed lower, with relevant support now in the 90.00-90.50 region. A break below the wedge bottom sees downside targets at 88.23, 86.41 and 84.81. I have a long-term constructive view on USDJPY and will look for the bearish breakout (likely set off by renewed risk aversion) to yield long entry opportunities below 90.00 near the preceding three levels.
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