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.
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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