Japanese Yen Declines Most Since October Intervention
Prepared by Jamie Saettele, CMT
The large (relative) USDJPY range on the 19th did indeed foreshadow today’s break of the 7650-7750 range. Given the extreme contraction in volatility, one shouldn’t dismiss today’s advance (which was the largest since the October 31 intervention). 7740/55 is support and pattern is constructive above 7685.
Bottom Line - flat
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