USDJPY—at support

USDJPY, which has been in a range on the three-hour chart since December, just touched the bottom of that range at 91.10.(There’s additional support at 90.60.) This is a safe place to take a long position, given that the pair has been in an uptrend since November. I went long at 90.15. However, overall the pair is in a downtrend on the daily chart. What should also warrant caution is the failed breakout above the daily downtrend line. The pair is oversold on the hourly chart and just dipping into it on the three-hour chart. Here’s the three-hour chart:


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