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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 123246, member: 33464"] [SIZE=6][B]USDJPY – US Dollar Target Additional Gains Vs Japanese Yen[/B][/SIZE] [SIZE=5][B]Key Highlights[/B][/SIZE] · The US Dollar stayed above the 113.50 support against the Japanese yen, and look to extend gains. · The USDJPY pair needs to clear a bearish trend line with resistance at 114.50 on the 4-hours chart to extend gains. · Today in Japan, the Gross Domestic Product for Q1 2017 was released by the Cabinet Office, which registered a growth rate of 0.3%, vs the 0.4% forecast. · The Japan’s Current Account for Jan 2017 released by the Ministry of Finance posted a trade surplus of ¥65.5B, vs the ¥239.0B forecast. [SIZE=5][B]USDJPY Technical Analysis[/B][/SIZE] The US Dollar recovered well this past week against the Japanese yen to trade above 113.50. The USDJPY pair is now positioned well and looking to extend gains. [IMG]https://titanfx.com/wp-content/uploads/2017/03/USDJPY-03.08.2017-768x401.png[/IMG] During the last upside move, the pair broke a bearish trend line at 113.30 on the 4-hours chart. Moreover, it settled above the 200 and 100 simple moving average (H4), forming a support near 113.40. At the moment, the pair is struggling to clear a bearish trend line with resistance at 114.50. So, there is a chance that the pair might dip towards 113.50 or 113.40 before making an upside attempt in the near term. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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