USD/JPY Classical 07.20
USD/JPY: The break and close back below 87.00 on Friday is concerning and could now open the door for additional declines towards the multi-year lows by 84.80 over the coming days. Daily studies are however oversold and any additional setbacks beyond 85.00 should ultimately be limited. As such, our recommendation is to look to buy into any dips towards 84.80 over the coming sessions in anticipation of a major upside reversal. 87.50 is the key short-term level to watch above and a break should relieve downside pressures.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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