USDJPY Going down Lower
Logically, I think that we should see some sort of retracement to account for the extreme last few days of bearishness. With this in mind, I look to the level of 108.44 to be significant for a reversal of bullish behavior. With the previous monthly trend broken to the downside, I feel that there will be a gravitation towards liquidity of the previous day's wick. Once a reversal is formed within this area, I would look for USDJPY to trade lower below this wick to the next zone.
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