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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 101908, member: 33464"] [SIZE=6][B]USDJPY – US Dollar Bulls Remain In Control Vs Japanese Yen[/B][/SIZE] [B]Key Highlights [/B] · US dollar traded higher recently vs the Japanese yen, and broke a major resistance area of 107.80-108.00. · The USDJPY pair is currently trading with a bullish sentiment, but may face sellers near 109.50-80. · In Japan today, the Leading Economic Index will be released by the Cabinet Office, which is forecasted to decline from 96.8 to 96.4 in March 2016. · In Australia, the Home Loans released by the Australian Bureau of Statistics posted a decline of in March 2016, compared with the forecast of -1.5%. [SIZE=5][B]USDJPY Technical Analysis[/B][/SIZE] The US Dollar after tumbling below the 106.00 support area found buyers and started to recover vs the Japanese Yen. There was a sharp rise in the USDJPY pair, as it also managed to break a major resistance area of 107.80-108.00. [IMG]http://s32.postimg.org/7rn5oowpx/USDJPY_05_10_2016.png[/IMG] The pair also closed above the 100 hourly simple moving average, but it is below the 200 SMA. Moreover, the 109.50-80 area also represents a crucial resistance zone. So, we can say that the pair is now stuck between an important support area and a major resistance zone. Let us see if it can break the 109.50-80 area or not moving ahead. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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