The USDJPY broke free from a descending channel on May 8th following the result of the May 7th run-off election in France.
Apparently, the outcome was a welcome sight for market participants.
The risk-sensitive pair furthered its gains on May 9th with a close above the 113.25 handle.
This is a long-standing pivot and very near the 50% retracement of the current 2017 range between 118.60 and 108.12.
In most cases, we’d begin looking for buying opportunities on a pullback to new support.
However, as I stated in the latest weekly forecast, there was something about the final two days of last week’s price action that didn’t sit well with me.
Daily Price Action
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