Scenario 2 in play. NFP just a little better causing this to move upwards, but still stagnant around the order block area. Overall still bearish continuation and will see to close on a negative by the end of the day likely around the 1st target.
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It's stuck in a range, USDJPY is stuck between an hourly support and long year of resistance.
CPI is the decision maker. Godspeed to those who chooses the right direction.
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CPI will be the make or break just as I said yesterday ,everyone is anticipating. However, technical perspective shows possible bear flag, after double top at the resistance. Fundamentally, if news break the 152.00 area we will see huge upside likely towards 155.0 - 156.0 and not really sure if BOJ would be happy about this.
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CPI came in hot hot, breaking the 2022 highs, its looking bullish towards 156 marks.
Do people seriously think that Japanese government won't step in and just watch their economy collapse?
DvnielTrading
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@maxlamb96, Some people apparently don't, but we can look at this 3 ways.
1. US stock price consolidations (pricing down). 2. Japanese gov stepping in (though just a rumour for now) 3. Technical outlook - In the months, you can see there is usually a sell off near that price range (also probably due to the Japanese gov stepping in every time it comes around that price, and they start to shit their pants a little).