As expected the pair climbed just above 114 resistance but ended the day on the week note closing below 114. As mentioned yesterday 114 -114.50 is a solid resistance and WR2 Pivot Point. There is chance that USDJPY can attempt 115 – 115.50 before it collapses but in the longer term the top is near around current levels. I expect this market to fall to test 109 once again in few weeks. I will be looking for a bearish reversal pattern just below 114. Weekly momentum is overbought and suggests lower prices to come soon.
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