Forex Trading Signals – Wed Jun 7, 2017: USDJPY Cracks Support at 110.10

Another bout of risk-off sentiment has taken the USDJPY below key support at 110.10/25. This is an area I’ve mentioned a few times in recent weeks including this past Sunday.

The 110.10/25 region was instrumental in attracting a bid back in March and April of this year.

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It did the same on May 18th, one day after the single session 230 pip drop. Note that was also the day the USDJPY fell back below channel resistance.

I wrote a lesson on the idea that false breaks tend to perpetuate a sentiment that triggered the false move in the first place. In other words, the effects of a false break tend to extend well beyond the initial false narrative.

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