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USDJPY Consolidating Near Key 110 Level Ahead of CPI

By:

CFA, Founder Tradable Patterns

USDJPY Consolidating Near Key 110 Level Ahead of CPI

The USDJPY is consolidating just shy of the psychologically key 110 whole figure level ahead of today’s US CPI data release at 830am EST.  Significantly, the USDJPY has been extending the weekly chart upchannel for roughly 2 months but hesitating as seen by much of this price action hugging along upchannel support.  Any weekly close above 110 dramatically increases the odds of a test of the 2021 high in the week or so after.  The weekly and daily Stochastics and MACD appear to be tiring.  I will look to go long in the green zone (of the daily chart), targeting the red zone for Wednesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter)…Click here to read today’s technical analysis of USDCAD, Soybean

Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)

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