USD/JPY Classical 07.27
USD/JPY: The latest round of setbacks below 87.00 have been very well supported and daily studies have now turned up from oversold levels with the market looking like it wants to carve out a base. Look for additional gains over the coming sessions back towards 89.15, with a break of this level to likely accelerate gains and force a more material shift in the structure. However, a close back below 86.25 would negate and shift focus back towards the multi-year lows by 84.80.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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