USDJPY – Volatile Trend, Still Looking to Buy (4hr chart)
Making a new monthly high today after China intervened in the FX market, the USDJPY continues to find buyers on pullbacks while forming a volatile price action trend.
For now, there is a decent pullback zone around 124.45 on a ST basis which was the July monthly highs. ST bulls can watch for weak pullbacks here to get long.
If this level holds, then we should minimally revisit 125 before offers re-enter. If 124 folds, then we should see a likely trip back down to 123 before any solid bids step back into the market.
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