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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 121648, member: 33464"] [SIZE=5][B]Key Highlights[/B][/SIZE] · The Aussie dollar traded higher this week against the Japanese yen, but faces resistance near 87.50-70. · The AUDJPY pair is likely forming a double top near 87.50, but there is a chance of a break higher as well. · Today, the Australian Westpac Consumer Confidence released by the Faculty of Economics and Commerce Melbourne Institute posted an increase from 97.4 to 99.6 in Feb 2017. · Later today, the US Consumer Price Index for Jan 2017 will be released by the US Bureau of Labor Statistics, which is forecasted to increase by 2.4% (YoY). [SIZE=5][B]AUDJPY Technical Analysis[/B][/SIZE] The Aussie dollar remained supported against the Japanese yen, but it looks like the AUDJPY is currently facing a monster resistance near 87.50-70. [IMG]https://titanfx.com/wp-content/uploads/2017/02/AUDJPY-02.15.2017-768x401.png[/IMG] The stated level was a resistance earlier, and once again acting as a barrier. A failure to break the 87.50 resistance might call for a double top pattern. If the pair starts a decline, there can be a test of a bullish trend line on the daily chart at 86.00. On the other hand, if the pair breaks higher, there can be a move towards the 1.236 extension of the last decline from the 87.53 high to 83.74 low at 88.42. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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