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The USD/JPY pair dropped further after ignoring the uptrend line. Technically, when the price drops below an uptrend line, the upside movement could be over and the price could develope a downside movement.
In the short term, USD/JPY reached the 112.76 former low which stands as a static support, as a downside obstacle. This level stopped the downside movement. As you can see, the rate tries to come back higher. So, USD/JPY could start increasing and it could develop a new swing higher as long as it stays above 112.76.
The current drop could be only a temporary one as long as it stays above 112.76. On the other hand dropping below 112.76 could activate an confirm a larger downside movement, abroader downtrend.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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