Is the breakout legit?
The Japanese Yen has been on the defensive against the US Dollar for the past three weeks. The rally takes price through long-term downtrend resistance most likely the result of extremely poor economic data coming out of the YEN a few days ago. IF price can mark a weekly close above the trendline moving long could be a good play.- simply put, we’re looking for validation. I think USD/JPY is way to stretched for now and am expecting a reversal and retest of break out level by end of the week.
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