Blake Morrow’s Chart of The Day – Feb 9th 2021
USDJPY
The last two trading sessions the USDJPY failed to close above the 200dma which means this level will be key resistance for the bears to hold. Horizontal resistance from the November 2020 highs is also capping the rally. We’d expect dips back to the 50% retracement of the last bullish leg higher to offer support at the 104.54 level as this is above the long term broken trend line.
