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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 101176, member: 33464"] [SIZE=6][B]USDJPY – US Dollar Uptrend To Continue Vs Yen? [/B][/SIZE] [B]Key Highlights [/B] · US Dollar traded higher against the Japanese Yen, and closed above the 111.00 resistance area. · There is a bullish trend line formed on the hourly chart of the USDJPY pair, which may act as a support area in the near term. · In Japan, the Tokyo Consumer Price Index ex Fresh Food released by the Statistics Bureau posted a decline of 0.3%, just as the market expected in April 2016. · Japanese Unemployment Rate which comes from the Ministry of Health, Labour and welfare and it's published by the Japan Statistics Bureau declined to 3.2% in March 2016. [B]USDJPY Technical Analysis[/B] The US Dollar after yesterday’s fed interest rate decision started to move higher, and it looks like there are chances of more gains in the near term. There is a bullish trend line formed on the hourly chart of the USDJPY pair, which may provide support moving ahead. [IMG]http://s32.postimg.org/izk662dv9/USDJPY_04_28_2016.png[/IMG] On the upside, the bulls may target the 1.236 extension of the last drop from the 111.87 high to 110.66 low, which is at 112.15. The hourly RSI is above the 50 level, which is positive sign, and points that the US Dollar buyers are in control. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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