USDJPY breaking the resistance
It is testing the 104.50 downside breakout resistance. For an upside reversal and a higher probability of long trade entries, we need to see a confirmed break above 105.50. A confirmed break below 104.50 would lead to a downside extension and a test of 102. The overall medium-term is downtrend but we need to see a confirmed break below 101 for a complete downside reversal from a consolidation triangle.
Note – We are inclined more to short trade entries with the stop loss above 104.50
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