Macro: Sandcastle economics
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Technical Analyst, Saxo Bank
This could be the Exhaustion of the past 6 months strong bull trend in USDJPY, the closing price today will shed more light on that. If closing below 141.50 the top is likely to be in place and a reversal is seems to be a given.
If that scenario plays out selling pressure down to the 0.618 Fibonacci retracement at 136.31 is likely. RSI is showing divergence indicating weakening of the uptrend supporting the trend exhaustion picture.
If buyers come back in and manage to close USDJPY above 145 there could be more upside potential to the strong resistance