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Early in the American session, the Japanese Yen is trading at 131.11 below the 4/8 Murray and below the 21 SMA (131.79). In the European session, the instrument reached the area of 130.52, its lowest level since February 10th. The pair remains bearish but a strong technical bounce could occur if it consolidates above 132.25.
From a technical point of view, the Japanese Yen has a psychological level around 130.00. Any bounce above this area could give the bulls a chance to buy.
According to the 1-hour chart, we can observe the formation of a descending wedge. In case the Yen breaks above 131.79 and consolidates above 132.25, it could confirm the break of this pattern and the price could reach the 200 EMA located at 133.82.
On the other hand, in case the USD/JPY pair consolidates above 131.25 in the next few hours, it could generate a sign of weakness and could be seen as an opportunity to buy. A daily close above 4/8 Murray in the coming days could enable the instrument to reach the 6/8 Murray zone located at 134.37.
The eagle indicator has touched a support zone that it has been tested since last week. We could grasp the opportunity to buy in the coming hours with targets at 131.79 and 132.81 (5/8 Murray).
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