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Coleman: Why I'm selling into USDJPY rallies

First 4 Trading's Ian Coleman is looking to sell into rallies of USDJPY this Thursday. For the past few sessions, the pair's been grinding higher but the weekly charts show that all price action is contained in last week's range. That says to him there's a lack of solid upside momentum.

Ian notices there's an ABCD Formation at 102.90 which should cap the upside. He also remarks there's a 78.6% pullback level at 102.74 and that's an area which dominated price action two weeks ago.

He's looking to sell into rallies at 102.74.

He has a protective stop at 103.

His targets are 102.25 and 102.03.

01:02 minutes
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