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The USD/JPY within negative formation – Analysis — 12/10/2020

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» />The USDJPY pair faces negative pressure after finding difficulty to hold above 106.00 barrier, noticing that the recent trades are confined within rising wedge pattern that we expect to press on the price to achieve more decline in the upcoming sessions, as the price attempts to break this pattern’s support line at 105.55, noting that breaking this level will threat the key support at 105.20 and cause a breakout followed by opening the way to achieve more decline in the upcoming period.

Therefore, we expect witnessing negative trades on the intraday basis, confirmed by breaking 105.55 level, and the main targets begin at 104.40 and extend to 103.65, taking into consideration that failing to achieve the required break will push the price to recover again and head towards 106.44 initially.

The expected trading range for today is between 104.90 support and 106.00 resistance

The expected trend for today: Bearish

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Origin: Economies

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