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USDJPY – 17 Jul 2024

USDJPY 17 Jul 2024

USDJPY 17 Jul 2024 On the daily timeframe, USDJPY experienced a trend reversal when it touched the resistance line last week after continuing to strengthen until it reached the 161.674 price position. Currently, despite being in a bearish trend and at the 158.021 price position, the pair is still holding above the kumo cloud, showing support from the previous bullish trend. The stochastic display is at the 20 level signaling oversold conditions, indicating a potential trend reversal to a bullish direction in the near future due to selling saturation. Traders should watch for further confirmation signals to confirm this potential trend reversal and make informed trading decisions.

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