USDJPY: Key Support Line Threatened
USDJPY has dropped to support at a rising trend line connecting major lows since November (now at 81.59), with a break lower amounting to a major shift in overall positioning that threatens to open the door for a decline back toward the 80.00 figure. Alternatively, a bounce sees initial resistance at 82.53, the 38.2% Fibonacci retracement of the drop from this month’s high. We will stand aside for now, waiting for an actionable trade signal to present itself.
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