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London Session Watch - USDJPY

FX:USDJPY   U.S. Dollar / Japanese Yen
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USD/JPY slid after the bearish engulfing bad candlestick pattern that we covered yesterday. This bearish engulfing bar candlestick pattern could still lead the price lower in today's London session but it might take a breather before proceeding, as the Stochastic indicator and Commodity Channel Index ( CCI ) are currently in oversold territory. The long term trend is still down as the price remains below the 200 period golden moving average and note that at the time the price formed the bearish engulfing bar candlestick pattern, the Stochastic indicator and Commodity Channel Index ( CCI ) where in extremely overbought territory, which increased the odds for this bearish setup to work out. We could still see the price decline in today's London session and the lower band of the Bollinger Band could serve as a target for sellers to take profits.
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