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Dec 11, 2018
USDJPY STILL BEARISH BELOW 113.15 LEVEL
The US dollar has staged a strong recovery higher against the Japanese yen, amidst news that the US and Chinese governments are embarking on a fresh round of trade talks. The USDJPY pair remains bearish while trading below the 113.15 level, as price trades outside the ascending wedge pattern. The recent move higher may be a technical correction, giving indicators a chance to move away from oversold conditions before the next down move occurs.
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The USDJPY pair remains bearish while trading below the 113.15 level, key support is found at the 112.20 and 111.50 levels.
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If the USDJPY pair trades above the 113.15 level, key resistance is found at the 113.36 and 113.88 levels.