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USD/JPY - Bulls need to be patient

FX:USDJPY   U.S. Dollar/Japanese Yen
'Bulls need to be patient' is the message that came out during our segment with Trendsetter FX Director Wilson Leung.

For a change, Wilson talked about fundamentals - increased possibility of fiscal+monetary stimulus in Japan and improving US data likely to ensure a corrective rally in the USD/JPY             pair from post Brexit low is likely to continue. However, the recent move appears overstretched and hence, bulls need to be patient, "

Wilson's view if turns out right could lead to a formation of inverted head and shoulder formation on the 4-hour chart.

He advised to be patient and rightfully so as the rally from post Brexit low is indeed overstretched and we are flirting with a larger falling trend line resistance (dotted line). A failure here could lead to a minor drop (left shoulder) before the bid tone recovers and the pair moves higher.

Let us see how the things unfold. You can watch the video here - https://www.youtube.com/watch?v=vP05Etf0-YM

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