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Christopher Lewis

The US dollar has gone back and forth against the Japanese yen as we continue to probe lower. That being said, it looks as if the market is trying to find somewhat of a footing, but it is only going to take some type of risk off move to get the market going lower. At that point, I would anticipate that the market is looking for a reason to sell off, so rallies are to be looked at with some type of uncertainty. The 50 day EMA above is at the ¥106 level, and that is an area that I think a lot of people will be paying close attention to. With this being the case, I do think that rallies will be sold into.

USD/JPY Video 23.09.20

To the downside, if we were to break down below the hammer from the Monday session, that would be a very negative sign and could send this market down towards the ¥102 level. That is an area that has been supported in the past so do not be surprised if we also bounced from there. With this being the case, I do like the idea of selling a break down below the candlestick more than anything else but at the first signs of exhaustion after a rally, I would also be more than willing to jump in and start selling. I have no interest in buying anytime soon, because quite frankly we continue to make “lower lows” and of course “lower highs.” Because of this, I remain very bearish.

For a look at all of today’s economic events, check out our economic calendar.

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