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USD/JPY: possibility of rotation as slight downside bias

   
The USD/JPY has risen after retouching support at the monthly pivot at 122.48. It has risen up in a three wave move to the current level at 123.60ish.

The pair may rotate at current or near current levels and move back down as there is a slight bias to the downside in the very short-term, however, it is still too early to say. The slight bias comes from the strong move down on June 10 which established a lower high and then the lower low (marginally) formed on the June 18.

122.50 is a significant level as it has robustly rejected price several times and if it is broken decisively could lead to a strong move lover. Therefore a break below the 122.27 level would confirm such a move, leading to a continuation down to the next area of support from the S1 monthly pivot at 121.18.

USDJPY23b

   
The USD/JPY has risen after retouching support at the monthly pivot at 122.48. It has risen up in a three wave move to the current level at 123.60ish.

The pair may rotate at current or near current levels and move back down as there is a slight bias to the downside in the very short-term, however, it is still too early to say. The slight bias comes from the strong move down on June 10 which established a lower high and then the lower low (marginally) formed on the June 18.

122.50 is a significant level as it has robustly rejected price several times and if it is broken decisively could lead to a strong move lover. Therefore a break below the 122.27 level would confirm such a move, leading to a continuation down to the next area of support from the S1 monthly pivot at 121.18.

USDJPY23b



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