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USD/JPY in a Throwback but is Still Bullish While Above 98.50
Breakout, Throwback: Last week, USD/JPY ended up reversing a bearish FOMC reaction from a rising speedline, into a bullish breakout above a falling one. Note that the bounce off of the rising speedline, was also a bounce off of a broken falling speedline that came down from the 103.73 high on the year made in May. The rally broke above a short-term falling speedline from 100.60, reflecting bullish bias in the USD/JPY. As we begin the week, USD/JPY is retreading from last week’s high. 98.50: The current throwback is falling below 99.00 handle, but should still have that bullish bias while trading above 98.50 (given ... (full story)