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Technical Analysis
Daily Technical Analysis by FxGrow
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[QUOTE="FxGrow Support, post: 125861, member: 34135"] [B][SIZE="4"]FxGrow Fundamental Analysis – 13th April, 2017[/SIZE][/B] [I]By FxGrow Investment Research Desk[/I] [B][SIZE=5]Japanese Yen Surges Over Tanked U.S Dollar, U.S Data Eyed[/SIZE][/B] USD/JPY extended the bearish momentum with 108.76 18-Dec-2016-fresh-lows supported by crisp U.S Dollar performance and upbeat Chinese Trade Balance. Overall, political tension starting with attacks on Syria and U.S battleship approaching North Korean offshore added political and economical uncertainties, hence Japanese Yen is a sacred refuge. Add to that, Trump comment yesterday that U.S Dollar is relatively too strong, tackled the Index to 99.91 low today with expectations that negative tails will follow such surprising deceleration. Trump also mentioned that question marks are placed next to Yellen as nomination for next U.S Fed presidency. Along came with it. Chinese trade balance early this morning scored $23.93B surplus versus +$10B expectations, adding more weight to Asian currencies. U.S Data today will give a better clue on how the pair will trade for the coming hours. [B][COLOR="#008000"]Fundamentals:[/COLOR][/B] 1 -USD - Producer Price Index today at 12:30 PM GMT. 2- USD - Unemployment Rate today at 12:30 PM GMT. [B][COLOR="#0000FF"]Technical overview:[/COLOR][/B] Trend: Bearish Sideways Resistance levels: R1 110.10, R2 111.04, R3 111.93 Support levels: S1 108.59, S2 107.75, S3 106.95 Comment: The market has turned bearish at the moment but keep an eyes on U.S Index levels. Trades below R1 will sustain bearish forces. A penetration for S1 level will increase selloffs and wash towards S2&S3 levels. On the other hand, a break above R1 level signs for larger bull waves R2 level at which, the pair will shift to bullish. [I][SIZE="1"][B]Note:[/B] This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.[/SIZE][/I] [/QUOTE]
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