Ourlong USDJPY positionwas stopped out with a small loss as prices closed below 78.96. Prices are now testing support at 78.35, with a break lower exposing the June 1 low at 77.65. Near-term trend line resistance comes in at 79.51. Positioning doesn’t offer a compelling trend setup here and we will wait for something more attractive to present itself.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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