USD/JPY: meeting channel-line
The dollar-yen has been rebounding strongly but has now reached an important channel-line from the March highs which is resisting further upside. It looks possible that there could be a bearish move down, with the 50 day MA at 78.60 providing the initial target and then possibly the 77.60 lows. Alternatively, if this is the start of a trend change then a breakout of the channel is also possible, with the next target higher at around 79.85/80.00.
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