Downside risks remain. Below 105.5, 104 will be the next clean target. BoJ officials talking down the Yen in early Asian session today. H4 closed in a doji with a bullish follow through.
Yellen on tap later this evening. Above 107.665, 110.968. Current levels good to build longs, but watch for 104 downside risk. 116.5 - 116.0 is the level to watch to the upside.
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(Update: 08/06/2016): USDJPY remains in a limbo Yellen's speech did not help to lift the dollar much and prices remain caught within 107.665 and 106 - 105.5 support level.
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Update: (09/06/2016): USDJPY continues to slide with 106.00 now inevitable. This would mark a retest to 29th April bearish close. Mind the support near 105.5 - 106.0.
Looking for a daily or H4 reversal near 105.50 - 106.0 to take a position ahead of th FOMC and BOJ meetings next week, for a target to 116.0
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jangseohee
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not yet,
need to plunge lower for a fake out
justatrader
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Yup.. still nothing. Maybe consolidation will continue into next week's BoJ and FOMC meetings. Quite a disconnect between US stocks. Looks like we could see a fakeout. "Wait and watch" for now.
need to plunge lower for a fake out