USDJPY's lower weekly highs negative for sentiment

Since August’s strong 9 Big Fig selloff attracted buyers back to the market from close to this year’s 115.85 base recorded in January, sentiment has been posting higher weekly lows, so far three in a row. However, the market also continues to post lower weekly highs, 5 in a row. This month’s rally has also stalled from close to the key moving averages which is negative. Signals for this week therefore remain bearish.

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