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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 103615, member: 33464"] [SIZE=6][B]EURJPY – Euro Poised For Next Move Vs Japanese Yen[/B][/SIZE] [SIZE=5][B]Key Highlights [/B][/SIZE] · Euro remained in a downtrend vs the Japanese yen and may continue to face selling pressure. · There is a monster contracting triangle formed on the daily chart of the EURJPY pair, which may provide us the next break. · Japanese Gross Domestic Product released by the Cabinet Office posted a growth of 0.5% in Q1 2016, compared with the forecast of 0.5%. · Japanese Current Account released by the Ministry of Finance posted a trade surplus of ¥1,878.5B in April 2016, compared with the forecast of ¥2,318.9B. [SIZE=5][B]EURJPY Technical Analysis[/B][/SIZE] The Euro faced a lot of heat vs the Japanese yen recently and traded below the 123.00 support area. If we look at a higher time frame chart like daily, then the EURJPY pair is clearly in a downtrend. [IMG]http://s32.postimg.org/yxkxfpft1/EURJPY_06_08_2016.png[/IMG] There is a crucial contracting triangle formed on the daily chart of the EURJPY pair, which may play a major role for the Euro in the near term. There may be swing moves in EURJPY once it breaks the pattern. Recently, the pair tested the 50% fib retracement level of the last drop from the 124.18 high to 120.75 low where it found sellers. So, there is a chance that the EURJPY pair may trade down moving ahead and test the triangle support area. The daily RSI is below the 50 level, which is a sign that the Euro sellers are in control at the moment. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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