USD/JPY Finding Resistance at the 20-Day SMA
The USD/JPY continues to find resistance at the 20-Day SMA at 93.24which is increasing downside risks. However, I would wait for a break below the 50-Day SMA at 92.42 before talking a short position as it has served as a support level the past two days. A break above the 20-Day SMA would be a bullish sign and exposes potential to 94.50. If that is the case I would wait for a move above 93.50 to confirm direction for a long position.
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