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Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 104374, member: 33464"] [SIZE=6][B]EURJPY - 118.40/60 Is Significant Resistance For Upside[/B][/SIZE] [SIZE=5][B]Key Highlights [/B][/SIZE] · Euro after trading as low as 115.50 against the Japanese yen recovered, but found sellers near 118.40/60. · There are a couple of bearish trend lines formed on the 4-hours chart of EURJPY, acting as a resistance area. · Today in the Euro Zone, the Consumer Confidence will be released by the European Commission, which is forecasted to decline from -7 to -7.1 in June 2016 (preliminary). · In the US, the Existing Home Sales figure will be released by the National Association of Realtors, which is forecasted to increase by 1.1% in May 2016. [SIZE=5][B]EURJPY Technical Analysis[/B][/SIZE] The Euro this past week fell sharply and traded towards the 115.50 level against the Japanese yen where the buyers appeared to prevent the downside move. The EURJPY pair is currently recovering, but facing resistance near 118.40/60. [IMG]https://s31.postimg.org/9d3c6jj1n/EURJPY_06_22_2016.png[/IMG] There are a couple of bearish trend lines formed on the 4-hours chart of EURJPY, acting as a major resistance and preventing gains. As long as the pair is below the highlighted trend lines, it may continue to move down and might test 117.00. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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