USDJPY: Bears Probe Below Range Bottom
USDJPY positioning has been little changed since early August, with prices locked in a narrow range between 76.11 and 77.64. Prices are cautiously probing through support but reading too much into directional conviction here seems ill-advised and we will on the sidelines until a breakout is confirmed by a daily close that pierces either range boundary.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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