USD/JPY has thus seen 250 pips rally in the week, the
currency pair reached a week high of 111.77 after having opened with a strong
gap on the upside. Price momentum failed to close above 111.60 (support now
turned resistance).
A bearish Doji candle formed at yesterday’s trading session
to also close around the 61.8% Fibonacci retracement level at 111.05
Short at this level with stop placed above 50% Fibonacci
retracement level at 112, while TP with 107.15
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