While last week I highlighted a test towards its pivot zone at 109.65-110, I certainly did not expect it to occur at such an abrupt pace. As we are getting closer to our critical support area at 107.10-107.30, price action into the next few weeks should provide clues about whether USDJPY is going to base build around 107-109. Alternatively, a decisive break below 107.10-107.30 would be bearish for this pair as this would confirm a fifth wave decline with a potential target of 101-102 before bottoming out.
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