USDJPY breaking to the low (Lots of PIPS to catch)
Price broke a descending channel at 107.200 to reach a resistance level at ~108.000. At that price, the pair has bounced back lower from a strong resistance with indications that a downtrend is forming. We currently have an ascending channel/bearish flag which indicates an upcoming breakout to the bottom.
Price has also been heavily rejected at 107.850.
Price has also been heavily rejected at 107.850.
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