USD/JPY took a blow

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Trade idea

SELL 110.20; TP 109.80; SL 110.35

USD/JPY formed a big bearish candlestick yesterday that almost engulfed the previous bullish one. The pair tested level above the 50- and the 100-week MAs but then turned lower. Support lies at the declining 50-day MA at 110.25. A decline below this level will open the way down to 109.80/60. On the upside, USD/JPY needs to overcome 110.70 to revisit high at 111.15.

USDJPY.png

FBS Analyst Team

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