USDJPY: Prices Remain in Consolidation Mode
USDJPY edged through the top of a falling channel set from the June 24 high but the move lacks firm upside conviction, with prices still locked in consolidation below resistance in the 78.60-78 area. Channel top resistance-turned-support is now at 78.50, with a break below that targeting a rising trend line set from the July 31 low at 78.34. Alternatively, a break higher exposes the 79.00 figure and 79.12. Current positioning doesn’t offer a compelling trading opportunity and we will remain on the sidelines.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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