Bearish collapse in price action could be seen in Friday’s trading session to a fresh new low in USDJPY 15 minutes chart. An upside retracement in price action should be consider as a good opportunity to sell the rally, which is probably a good idea to do in a down trending market environment. It looks quite obvious that sellers are in control of the market and aggressive selling could slide the market even below 107.80 target region.
A strong rejection of key resistance at 108.44 price level has been detected. However; a clear bullish break out above 108.44 key resistance level would neutralize the near term bearish trend. In this case, I would prefer to stay out of the market and re-analyze the price action.



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