Bearish Outlook on USDJPY - 28 July
Price has been adhering to the observed descending trendline on the H4 timeframe. A pullback to the key resistance zone at 141.20, which coincides with the 78.6% fibonacci retracement, could provide the bearish acceleration towards the next support zone at 138.20, which is in line with the 127.2% fibonacci extension. Price is hovering below ichimoku cloud and 20EMA, supporting our bearish bias.
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