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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 111043, member: 33464"] EURJPY - Key Factors Suggest Euro Is In Bullish Trend Key Highlights • The Euro traded above 114.80 versus the Japanese yen, and currently looks set for more gains. • There was a short-term bearish trend line formed on the hourly chart of the EURJPY pair, which was broken during the upside. • Today, the Euro Zone PMI service reading will be released by the Markit Economics, which is forecasted to decline from 52.1 to 52.0 in September 2016. • The Euro Area Retail Sales figure will also be released by the Eurostat, which is forecasted to decline by 0.3% in August 2016. EURJPY Technical Analysis The Euro climbed higher recently versus the Japanese yen and closed above a crucial resistance of 114.80. The EURJPY pair is trading positively, and may continue to trade higher. [IMG]https://titanfx.com/wp-content/uploads/2016/10/EURJPY-10.05.2016-1-768x401.png[/IMG] During the upside move, the pair broke a bearish trend and the 1.618 extension of the last drop from the 114.18 high to 112.60 low. So, there are chances of a move towards the 2.236 extension of the same wave. The hourly RSI is the bullish zone, and signaling more gains in the near term, as long as the pair is above 114.80. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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