USD/JPY Classical Technical Report 07.28
USD/JPY:The latest daily close below 79.50 certainly compromises our constructive outlook with the market breaking down below some solid multi-day range support in the 80.00 area and dropping into the 77.00’s thus far. This now puts the pressure back on the downside and opens the door for a retest and potential break below the record lows from March by 76.30. At this point, a daily close back above 78.70 would be required at minimum to relieve downside pressures.
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