USDJPY breaks continuation pattern

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11 May 2021 | Updated: 11 May 2021

Key resistance: 109.00
Key Support: 108.40 – 107.60

The USDJPY has been in a bear market since the beginning of April having gone from 111 to 107.50 in 23 days (-3.12% move). After this move it retraced back to retest the 109.70 level which confluences with the 61.8% pullback of the entire move down.

This is a simple breakout trade of a continuation pattern at the retest of the previous broken key level.

Calculated targets of the move are around the 107.70 level but we will take half off at 1:1 on the retest of this week`s lows.

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