The pieces are falling into place for a downturn. We begin with USDJPY, which popped above its SMA200 but failed to make a new cycle high in the wake of yesterday’s FOMC decision. It’s on its way to our 107.88 target.
But, if the latest rising channel breaks down, there is much greater downside potential. Note that the BoJ declined to follow the Fed’s lead last night and is standing pat on rates.
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