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JPY Trading Outlook (03-02-2016)

USD/JPY Intraday: under pressure.

Pivot: 120.9

Our preference: short positions below 120.9 with targets @ 119.6 & 119 in extension.

Alternative scenario: above 120.9 look for further upside with 121.4 & 121.7 as targets.

Comment: the RSI is bearish and calls for further decline. The pair has confirmed a Rounding Top: a bearish reversal pattern.

Supports and resistances:
121.7 *
121.4 *
120.9 ***
119.82 Last
119.6 *
119 **
118.5 **

 

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