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Fundamental Analysis
Daily market analysis and financial news by Vesta Trader
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[QUOTE="vesta trader, post: 69329, member: 31780"] [b]A Short Term Correction Likely in USDJPY[/b] The US dollar registered massive gains against the Japanese yen during this past week, as the latter one lost a lot of ground against almost all other major currencies. There was a massive resistance around the 107.00 level, according to the Forex trading coach which was broken this past week. The US industrial production data will be released during the NY session today, which is expected to register a 0.3% gain, down from the previous reading of 0.4%. If the outcome comes out positive, then the US dollar might gain more bids against the Japanese yen in the near term. Technically, there is an important bullish trend line on the hourly chart of the USDJPY pair. The US dollar buyers are struggling to hold the trend line, as the pair is currently flirting around the mentioned trend line. If the pair managed to successfully close below the trend line, then there is a chance of a short-term correction. On the downside, initial support is around an important confluence area of 100 hourly moving average and 50% fib retracement level of the last move higher from the 106.03 low to 107.37 high. The RSI is also around the 50 mark, and a break below the same might ignite for more losses in the short term. USDJPY 09.15.2014 [IMG]http://blog.vestatrader.com/wp-content/uploads/2014/09/USDJPY-09.15.2014-1024x503.png[/IMG] On the upside, the previous high of 107.37 might continue to act as a hurdle for the pair. If the US dollar buyers manage to clear the same, then there is a chance of a move towards the 107.60-80 levels. [/QUOTE]
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