The long-term bias in USDJPY is to the downside but we expect the pair to hold within the weekly channel of 122.00-115.60 for some time. The reason why I like this outlook this morning is the fact that the 261.8% extension is seen at 122.48. Our bespoke resistance is at 122.51.
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Intraday reverse Head and Shoulders to take USDJPY higher
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