USD/JPY drops on Bank of Japan headlines USDJPY Currencies BOJ CPI
As we head over to the US CPI event, the levels to watch are the 131.70s, 131.50s and 131.383 swing lows. There will be orders below these levels that could be traded before the reversal. With that being said, should the bears take control below 131.00 the bullish bias will flip bearish.The M-formation is a reversion pattern and the price would be expected to move in for the restest of the resistance structures and neckline of the pattern between 103.50 and 104.00.
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