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T3-Consultancy

USDJPY 15M: Bearish outlook seen, further downside below 137.75

Short
U.S. Dollar / Japanese Yen (FX:USDJPY)  
T3-Consultancy  
FX:USDJPY   U.S. Dollar / Japanese Yen
Harmonic Patterns Trend Analysis Chart Patterns DJ FXCM Index USDJPY usdjpyshort usdjpybearish Forex forexsignals forextrading
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harmonicpatterns trendanalysis chartpattern usdollar usdjpy usdjpyshort usdjpybearish forex forexsignals forextrading
On the 15M timeframe, price is showing strong bearish correction. A pullback to the resistance zone at 138.5, which coincides with the 78.6% Fibonacci retracement, and a break below downside confirmation at 138 could present an opportunity to play the drop to the resistance-turned-support zone at 137.75. Price is holding below ichimoku clouds and 20 EMA, supporting our bearish bias.
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