Sasha Singh
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USDJPY : Consolidation To Watch

USDJPY trimmed its gains today at the start of the Asian session on weak Chinese trade data over the weekend. However the pair found support during the European session as seen from the support line on the hourly chart. Currently the pair seems consolidating within a symmetrical triangle and may breakout in any direction. The breakout from the resistance trend line may push the pair to the 103.72 level again which was March 7 high and breakout below the support trend line may decline the pair to the level of 102.84.