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USDJPY Pressing Month Open Price Again

USDJPY Pressing Month Open Price Again

Jamie Saettele, CMT, Sr. Technical Strategist

Failure at long term uptrend resistance indicates potential for an important top to form in USDJPY. Favor the downside as long as price is below 126. A break below 119.50 would set the stage for a drop to the mid 114.00s.

USDJPY is pushing against the month open price (124.10) for the 3rd time in the last 3 weeks. A push above would not negate longer term topping implications but it would weaken the short term dowtrend. Weakness below 123.37 is needed in order to re-instill confidence in near term downside potential.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.