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27.07.202122:39 Forex Analysis & Reviews: USDJPY vulnerable to another leg lower below 109

USDJPY got rejected at 110.50 and is now trading below 110 again. Price has formed a lower high and a rejection after back testing the red trend line. USDJPY has potential to break below recent lows 109.10-109 as long as price is below 110.50.

Exchange Rates 27.07.2021 analysis

Blue lines - Fibonacci retracements

Red line - support (broken) trend line

The 38% Fibonacci retracement level is our first pull back target. Around 108 we see the first important support to be tested. USDJPY is in a bearish short-term trend despite the bounce to 110.50. Support is found at 109 and breaking below it will open the way for a bigger decline.

*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

Alexandros Yfantis,
Especialista em análise na InstaForex
© 2007-2021
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