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    USD/JPY: down-side bias but broadly in sideways trend

       
    The USD/JPY pair is trading in a consolidation range with a downside bias.

    It has sold off further today as a result of increased fears about how the Greek “No” referendum vote win could impact on financial markets. The yen is a favoured safe-haven for investors so it is appreciating on the back of increased fear.

    On the very low time-frames such as 30min we can see that the pair has broken below a trend-line and appears set to revisit the low 122s, however, the chart is so chaotic – with a bearish short-term and bullish long-term bias – that it is difficult to call an appropriate entry point or target, with any confidence, therefore, I will be standing aside until things become clearer.
    USDJPY7

       
    The USD/JPY pair is trading in a consolidation range with a downside bias.

    It has sold off further today as a result of increased fears about how the Greek “No” referendum vote win could impact on financial markets. The yen is a favoured safe-haven for investors so it is appreciating on the back of increased fear.

    On the very low time-frames such as 30min we can see that the pair has broken below a trend-line and appears set to revisit the low 122s, however, the chart is so chaotic – with a bearish short-term and bullish long-term bias – that it is difficult to call an appropriate entry point or target, with any confidence, therefore, I will be standing aside until things become clearer.
    USDJPY7


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