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Technical Analysis
Capital Trust Markets Daily Market Commentary
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[QUOTE="CapitalTrustMarkets, post: 63814, member: 30235"] [b]USD/JPY Plunges As Falling Wedge Formation Remains Intact[/b] Market Sentiment: [COLOR="Red"]Bearish[/COLOR] Key Takeaways • USD/JPY falls as the daily wedge holds off • Japan’s unemployment rate meets expectations • A breakout through the wedge will provide long term direction The US Dollar (USD) extended downside movement against the Japanese Yen (JPY), dragging the USD/JPY to less than 101.70 on Friday following the release of some key economic reports. The sentiment remains bearish due to Lower Low and Lower High in the recent waves. A breakout through the daily wedge will provide a clear direction to the pair. [B]Technical Analysis [/B] As of this writing, the pair is being traded near 101.67. A hurdle may be seen around 102.00, the trendline resistance as well as psychological number as demonstrated in the following chart. A break and daily closing above the trendline resistance will push the pair into bullish territory, validating a rally above the 103.40 resistance area. [img]https://charts.mql5.com/4/844/usdjpy-d1-capital-trust-markets.png[/img] On the downside, the pair is likely to find a support near 101.42, the intraday low of yesterday ahead of 100.82, the swing low of the recent wave and then 100.71 which is the trendline support. A daily closing below the trendline could spur a deeper correction below the 100.00 handle. [B]Japan Unemployment [/B] The rate on unemployment in Japan remained 3.6% in April as compared to the same rate in the month before, meeting the average forecast of different analysts, a report by the Ministry of Internal Affairs & Communications revealed today. Generally speaking, higher unemployment rate is seen as negative for the economy, thus the local currency tends to weaken if the unemployment rises. [B]Trade Ideas [/B] Considering the overall technical and fundamental analysis, selling the pair around the trendline resistance can be a good strategy in the short term, the target may be near 101.80. Also Read: [URL="http://capitaltrustmarkets.com/2nd-eurjpy-daily-rejection-200-day-ma"]EUR/JPY Outlook By Alex Zekany[/URL] [/QUOTE]
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