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The Japanese yen is trading around 159.15, undergoing a technical correction after reaching the psychological level of 160.00. The instrument is currently trading below the 21-day SMA and below the 8/8 Murray line, so a technical bounce is expected, and USD/JPY could retest the 159.75 area.
The pair is currently within a bearish trend channel that formed on March 26 when it peaked around 160.45. From that level, we have seen a downward sequence, and USD/JPY is likely to test the upper band of this channel before resuming its downward cycle.
A pullback to the +1/8 Murray level around 160.15—which coincides with the 61.8% Fibonacci retracement—could be seen as a signal to sell USD/JPY with a target at the 200 EMA around 158.03.
With a consolidation above $160.15, the instrument could attempt to continue rising in the short term and could reach the +2/8 Murray level. However, overbought levels are already evident, so it is more likely that the Japanese yen will attempt a strong technical correction below this zone.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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