Good day traders!
Dollar Yen has broken 2 downtrend channels and looks set to move up higher. A near term correction to the downside can be expected and a test of 81.2 downtrend line is still possible. A bounce from there can take the pair higher but failure to do so can open the doors for the pair to test lower levels.
On the H4, the pair is trading above the 50ema and 100 ema. It needs to maintain above those emas in order to move back higher.
To your trading success!
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