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USDJPY – Bearish Corrective Structure – Another Leg Down? | Jun 19
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USDJPY – Still Corrective @ LT Key Support (Daily chart)
Price Action Context
Price still is trading within a ST corrective structure at the LT key support and a break of this ST corrective structure should offer a solid indication of what’s to be expected in terms of the ST/MT direction of the pair going forward.
Strong buying and a break of the ST corrective structure to the upside would put 109.80 into focus, and in extension 111.60 if the closest resistance should fail to hold. A strong daily close below 107.75 on the other hand would open up for a potentially larger bearish continuation towards 105.50.
Key Support & Resistance Zones
R: 111.60 – 112.40
S: 107.75 – 108.70
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