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Short

USD/JPY under extreme selling pressure, test of 107.60 likely

FX:USDJPY   U.S. Dollar / Japanese Yen
719 1 6
USD/JPY             under extreme selling pressure, extending downside as we write, hit lows of 108.80, test of 107.50 likely.

BOJ governor Kuroda crossed the wires today, saying that they are closely watching FX market moves and that they will take steps in FX market if necessary.

Sporadic direct intervention by the MOF or rates checking calls to dealers cannot be ruled out.

We are of the view that intervention can only provide temporary relief. All spikes to provide buying opportunities.

Charts are biased lower. Tests of 108.25,108 and then 107.60 levels likely.
Trade closed: target reached: Final target almost hit @107.63, advise booking full profits.

Pair finds strong support at 107.60, breaks below needed for further downside.
NICE CHART ,

HERE IS MY SETUP

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