USDJPY: Bulls Push Prices to Major Channel Top
Last week, we opted to book profits on our 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. We will remain on the sidelines for now, watching how positioning evolves from here.
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