USDJPY Future Direction Hinges on 108.00

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Carly fx
Carly fx published an idea on USDJPY, W1
last month

The USDJPY is testing a confluence of support at 108.00 today.

I mentioned this area in the last weekly forecast video.

It’s the intersection of a trend line support from the 2021 low and the 2015 weekly trend line.


USDJPY weekly time frame
The USDJPY has shown a slight bounce so far from today’s low of 107.80.

Traders should respect the potential for a bounce while USDJPY is above 108.00 on a daily closing basis.

However, the recent selloff from 111.00 was relatively aggressive.

That’s not what you typically see from a corrective move.

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On the other hand, a daily close below the 108.00 area would expose 106.60.

The 106.60 area has been critical for USDJPY since last May.

Alternatively, a bounce from the 108.00 area would re-expose 111.00 and perhaps the 2020 highs at 112.20.

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    The U.S. dollar-Yen is in the lower region of its 6-hour and 16-hour price ranges and is rising above the 2- and 4-hour baselines, which gives me reason to suspect the rate will continue climbing above 109.57.