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Japanese Yen Technical Analysis: Recovery Bounce Hits from 151.95
Last week’s weekly bar in USD/JPY completed as a bearish outside pattern as last week took out the entirety of the prior week’s range. There is some context here, however, as it was the early-week jump to 160.00 that elicited the intervention from the Bank of Japan. And while bulls were on their way back in the early portion of last week, another suspected intervention after the FOMC rate decision on Wednesday further shook the branch to frighten carry traders out of positions. I had looked at this on Thursday just after the FOMC move, and as I highlighted there was a big spot of possible support on the horizon ... (full story)