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Wikiwicks
Dec 20, 2020 9:38 AM

USDJPY trending to the dowside Short

U.S. Dollar/Japanese YenFXCM

Description

#USDJPY:

(1D):
The overall trend is bearish, technically and fundamentally, with further US stimulus that will eventually devaluate the US dollar. For these reasons, my bias is still bearish.

(4H):
After the massive range breakout, the pair started trading in a smaller bearish channel, currently the price is on its upper border and next relevant support is at 102.5.

(1H):
Looking for entry, we can better see how the bearish market structure is playing out on the chart, with a perfect series of LHs and LLs. However, last price action is pretty choppy, so i'm waiting for a clear bearish setup on the 1H.
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