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We're winning in the USDJPY ping pong match

At the moment, USDJPY is playing ball between support and resistance

Sometimes trading is hard (just look at last night), and sometimes it's dead easy

The two levels I highlighted earlier have been in play and have responded perfectly

121.00 held another test and the 55, 100 & 200 dma's are still holding the upside around 121.50/60

USDJPY 15m chart

The levels won't last forever so if trading them, tighten up those stops. If they break then look for that all important confirmation

On the upside, 121.80/85 is likely to hold resistance ahead of 122.00. That's likely to move the ping pong match to the 121.50 - 122.00 table

Below 121.00 and 120.80 should see mild support but it's stronger at 120.50/60, so 120.50 - 121.00 becomes the table tennis table

With the dollar looking stronger across the pairs, the risk looks to be a break to the upside

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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