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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 107386, member: 33464"] [SIZE=6][B]USDJPY – US Dollar Under Renewed Selling Pressure[/B][/SIZE] [SIZE=5][B]Key Highlights [/B][/SIZE] · The US Dollar after trading as high as 102.65 against the Japanese Yen found sellers. · The USDJPY pair moved down, and broke a minor support trend line formed on the hourly chart. · In Japan today, the New Machinery orders, released by the Cabinet Office posted a rise of 8.3% in June 2016, compared with the forecast of 3.1%. · The Japanese Domestic Corporate Goods Price Index released by the Bank of Japan posted no change in July 2016, compared with the forecast of -0.1%. [SIZE=5][B]USDJPY Technical Analysis[/B][/SIZE] The US Dollar enjoyed a decent upside move against the Japanese yen recently to trade near 102.65. However, the USDJPY pair later found sellers and trade down. Can the current losses extend in the short term? [IMG]https://s9.postimg.org/t6fre8ukv/USDJPY_08_10_2016.png[/IMG] During the recent downside move, the USDJPY pair broke a minor support trend line formed on the hourly chart. The pair also closed below the 100 hourly simple moving average, which is a bearish sign. It looks like the pair is under a lot of selling pressure and may head towards the last swing low of 100.90. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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