Technical Analysis/USD/JPY

USD/JPY: Expect the unexpected

Once this pair opened below 87.00 this morning I think many presumed that the Yen short-covering was well and truly underway and that there was little or no chance of an intraday rally to 87.50. So what happens? Exactly that which we did not expect!

Bears might find a nice entry level near 87.80, which is an hourly high and the 61.8% retracement of 88.40/86.80.

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