The USDJPY had a bullish momentum yesterday after move above 88.23 area. As you can see on my daily chart below, we have an interesting relation between 88.23 and the CCI, where every time price found support around 88.23 and CCI cross the -100 line up, price rebounded significantly to the upside. In current context, the nearest upside target is seen around 89.50 area. Only a movement back below 88.23 could trigger further bearish pressure in nearest term. However, note that the major scenario remains bearish.
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