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USD / JPY Trading Outlook

Monday 16th July

Dollar-yen has set into a downtrend following attempts to move higher in the 79.70/80.00 zone. The price has come to test the 79.00 big figure and a break lower will confirm the direction. The pair is being dragged lower by EUR/JPY as the volatile pair breaks a support at 96.40 with the next major support around 95.50. It is good practice to keep an eye on the JPY crosses when trading USD/JPY. Some are suggesting that the JPY is strengthening on the perception of reduced intervention risk due to the bank holiday today.

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