Last session has been very active on the Japenese Yen as a whole with of course an impact on the USD/JPY.
At first, we did see a sharp decline during the european session which closed the opening bullish gap. Trend has then reversed through the end of the US Session with a continuation during the asian session.
It is worth noting that the bounce coincides with the march and 2011 low at 76,30. We now need to see a break back above 78,00 to confirm a meaningful corrective move. The pair might take advantage of the relative US Dollar strengh but it remains to be seen as it always does in a clear defined trend.
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