(Please click on the accompanying chart to enlarge.)
As of early Monday morning in New York, price action on the USD/JPY daily chart, as shown, has reached up to an established downtrend resistance line once again, and then respected it by bouncing sharply back down. This downtrend resistance line should continue to serve as resistance going forward, while the strong horizontal level around the 103.75-104.00 region should act as a significant support level to the downside.
- James
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