USD/JPY Still Sideways

Price continues to move sideways on the Daily chart as the Nikkei failed to resume the corrective phase. The rebound invalidated the breakdown from the symmetrical triangle and now is expected to reach and retest the 38.2% retracement level and the third warning line (WL3). A valid breakout above the WL3 will confirm a further increase in the upcoming weeks, while only a valid breakdown below the wl1 will signal a major drop.

MultiBank Exchange Group
MultiBank Exchange Grouphttp://www.mexgroup.com
Multibank Exchange Group (MEX Group) is a multinational financial derivatives dealer. Established in California in 2005, MEX has offices in several countries around the world, including the US, the UK, Australia and China. Mex Group is regulated by the Australian Securities and Investment Commission (ASIC) in Australia, the Ras al Khaimah Free Trade Zone (RAK) in the United Arab Emirates and the Financial Services Commission (FSC) in the British Virgin Islands.

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