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USDJPY 5 Aug 2024 On the weekly timeframe, USDJPY showed a significant bearish trend pattern, bringing the price down all the way to the kumo cloud. The pair experienced a trend reversal after failing to break the R2 resistance level and then moving down towards the R1 support level, now at a price position of 143.224. The stochastic indicator chart is at level 20, indicating an oversold zone, which indicates a potential trend reversal. Under these conditions, it is possible that USDJPY could rally again in the coming trading sessions. However, additional confirmation from other technical indicators and candlestick patterns will be required to confirm a valid trend reversal.
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