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Fan Yang

USD/JPY in a Bearish Breakout from Consolidation Range

USD/JPY has been trading sideways since May 2017. 

$USDJPY Daily Chart

(click to enlarge)

- As we can see on the daily chart, price broke below the 108-108.15 support area of a range. 
- This shifts the mode from sideways into bearish. 
- The bearish breakout first opens up the the support/resistance pivot around 105.50
- Below 105.50, there is downside risk towards the 2016-low, which is around 99-100
- If there is a rebound, price holding under 110 would be a strong sign that bears are still in charge. 
- Also, if the daily RSI rebounds but caps at 60 and turns back down, we can say the bearish momentum is still alive. 

USD/JPY Weekly Chart

(click to enlarge)

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