USDJPY – Approaching Key Zone + Potential Profit Taking | Sep 27

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USD/JPY – Closing in on Key Resistance (Daily chart)
After a last bearish attack on the key support area between 108.30 -108.80 + false break, the bulls came back with force, launching the pair 500+ pips higher in only 2,5 weeks.

We’re now closing in on the key resistance zone @ 114.30 which is the bottom of a larger LT resistance zone at which we’ll likely see some profit taking + increased bearish activity.

On a successful rejection from the level, bears initially would have to look out for minor supports coming in @ 111.80 and 110.70.

A successful break and close above 115.50 on the other hand would likely open up for fresh buying towards 118.50.

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I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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