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USDJPY stays below a descending trend line

USDJPY stays below a descending trend line on daily chart and remains in downtrend from 118.66. As long as the pair is below the trend line, the downtrend could be expected to continue, and next target would be at 108.00 area. On the upside, a clear break above the trend line resistance will indicate that the downtrend had completed at 110.11 already, then the following upward movement could bring price to 120.00 zone.

USDJPY chart

By ForexCycle.com

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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