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USD/JPY is trading around 155.62, above 7/8 Murray, and within the bullish channel forming since April 15. In the H1 chart, we can see that the Japanese Yen is strongly overbought and it is likely that a technical correction will occur in the next few hours and USD/JPY could reach the bottom of this channel around 155.18.
A sharp break of this uptrend channel and a consolidation below 155.60 could change the course of the Yen. USD/JPY could reverse downwards.
A technical correction could be confirmed if USD/JPY falls below the psychological level of 155.00 and could reach the 200 EMA located at 154.62 and the 5/8 Murray at 153.90.
Given that the Japanese Yen has strong resistance at 156.25 (8/8 Murray) as long as it trades above 155.40, USD/JPY could continue its rise and hit this target. On the contrary, the trend would change below 155.20.
The eagle indicator is giving an overbought signal, so a technical correction is imminent in the coming days. Thus, we can sell below 155.62 (21 SMA).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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