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Technical Analysis
AceTraderFx : Daily Recommendations on Major
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[QUOTE="AceTRaderForex, post: 174471, member: 22847"] [B]AceTraderFx Dec 16: Daily Recommendations on Major -USD/JPY[/B] [B][IMG]http://www.trendsetterfx.com/image/common/flag/flag_yen.gif [/IMG] DAILY MARKET OUTLOOK on Major[/B] Update Time:[B] 16 Dec 2019 [/B][I]09:30GMT[/I] USD/JPY - 109.44 Despite the greenback's rise to 109.70 on Friday after U.S. and China agreed to a "phase-one" of the trade deal, subsequent retreat to 109.21 on profit-taking suggests further choppy trading below December's 6-month peak at 109.72 would continue with downside bias and below 109.21 would extend weakness to 108.94, then 108.75, however, 108.44 (reaction low) would hold this week and yield rebound. On the upside, only above 109.70/72 would revive bullishness for further gain to 110.05/10, then 110.30/40 before prospect of correction. Pay attention to the release of U.S. manufacturing and services PMIs at 14:45GMT. Street forecasts are 52.5 and 51.8 vs previous readings of 52.6 and 51.6 respectively. [/QUOTE]
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