USD/JPY has set off a short-covering rally after overcoming the 88.85 area which had capped rebounds from the various probes below the 88.70 level. We blip briefly above the 89.00 level and now trade at 88.97. 89.10/15 is a congestion area which could contain rallies near-term.
USD/JPY squeezing shorts as it moves back above 88.85
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