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USDJPY 28 Dec 2023

USDJPY 28 Dec 2023 on the weekly timeframe. This pair has been seen to continue to decline since touching the 100.0 Fibo level. Experienced a trend reversal from bullish to bearish due to the overbought seen on the stochastic indicator in the previous session. Dropped from the price position of 151.512 and now occupies the price position of 141.970. However, the pair is now entering a saturated zone due to the oversold that occurred and allows this pair to experience a trend reversal and go back up. If the trend reversal does occur then go-long could be an option for traders. But if the bearish trend continues, then go-short is still an option.

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