As expected, USDJPY breaks below 97.95 support and reaches as low as 97.13 level. Deeper decline to 96.50 to reach the next short term cycle bottom on 4-hour chart is possible.
“Initial resistance is at 97.75 and key resistance is located at 98.50, above this level will indicate that a short term cycle bottom has been formed and the fall from 99.64 has completed,”
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