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Fundamental Analysis
Forex analysis by Followme socialtrading
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[QUOTE="strauss, post: 171671, member: 62400"] #Forex #Analysis #SocialTrading #ForexSignals The #USDJPY pair extended its #sideways consolidative price action through the Asian session on Thursday and remained confined in a narrow trading band above mid-108.00s. The mentioned region marks a resistance breakpoint and coincides with the 50% Fibonacci level of the 112.40-104.45 downfall and should act as a key pivotal point for intraday traders. Meanwhile, oscillators on the daily chart maintained their bullish bias and have also eased from slightly overbought conditions on the 4-hourly chart, favouring short-term bullish traders. A sustained move beyond the 109.00 handle will further reinforce the constructive set-up and set the stage for an accelerated move up towards the 109.30 next resistance zone. The said hurdle represents early August swing highs and 61.8% Fibo. level, which if cleared will negate any bearish bias and pave the way for a further near-term appreciating move. The pair could then surpass an intermediate resistance near the 109.60-65 region and aim towards reclaiming the key 110.00 psychological mark en-route mid-110.00s supply zone. On the flip side, any pullback below the mentioned resistance turned support might still be seen as a buying opportunity and help limit the downside near the 109.00-108.90 #SupportArea. [/QUOTE]
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