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The USDJPY pair has recently breached a key support level that was tested multiple times in the past, indicating a potential shift in trend direction. Traders are advised to wait for confirmation of this breakout before entering any positions. Should the new trend continue, a target price of approximately 142.6323 could be reached within the next 19 hours.
This trading signal is based on technical analysis, specifically focusing on support and resistance levels. Traders may consider using additional indicators such as moving averages, RSI, or MACD to confirm the validity of the breakout.
The USDJPY pair is known to have a strong correlation with US economic data releases, particularly those related to inflation, employment, and monetary policy. Traders should keep an eye on the economic calendar for any upcoming events that could impact the pair’s movement.
Overall, this trading strategy involves a careful analysis of price action and key levels, coupled with an understanding of market fundamentals and economic events. By combining technical and fundamental analysis, traders can make more informed decisions and increase their chances of success in the forex market.
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