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USD/JPY: Profit taking noted, bull trend in play - 2ndSkies

FXStreet (Bali) - Chris Capre, Founder at 2ndSkies Forex, notes that some solid profit was noted in USD/JPY, adding that despite the sharp reversal in Europe/US, the bull trend remains in play.

Key Quotes

"After pinging off 119, the pair sold off about +125 pips before finding a ST base. There is a 1hr pin bar off a key intra-day level at 117.75, showing some interest to buy before the close of day."

"I can't say i'm 100% convicned about buying at 117.75 (yet). I'd like to see more basing here preferably, as I'm potentially expecting a deeper pullback. 119 is ST resistance, but I'd be open to buying at 117.06 should we get a deeper push lower, or at 117.75 on a really weak intra-day pullback."

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