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MountOlympusFx

Are BULLS slowing down for USDJPY. BEARS Taking Control (sell)!

Short
U.S. Dollar / Japanese Yen (FX:USDJPY)  
MountOlympusFx  
FX:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Wave Analysis Chart Patterns USD jpy USDJPY DXY JXY dollar trading Forex
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trendanalysis waveanalysis chartpattern usd jpy usdjpy dxy jxy dollar trading forex
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UJ Thesis

- Weekly: Double top at 109.40 major level signalling that could be in control of the market on higher time-frame. UJ market structure is also still bearish, however we still need to pay attention to last weeks bullish engulfing candle.

- Daily: Strong bearish candle broke below 109.40 major level taking out previous daily lows changing structure to bearish. Next possible target 108.30 support.

- 1hr: Now waiting for a pullback into 108.94 4hr zone for a retest before looking for a possible sell off to intended target 108.30.
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