USD/JPY: Rebound Begins From Channel Bottom
Strategy: Pending Long
USDJPY put in a Hammer candlestick and rebounded having found support at the bottom of a downward-sloping channel that has confined price action since early May. Although our long-term fundamental outlook favors a bullish bias, entering long at current levels does not appear attractive with near-term support-turned-resistance nearby at 89.70. We will remain on the sidelines for now and continue monitoring prices for an actionable opportunity to buy.
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