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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 124338, member: 33464"] [SIZE=6][B]USDJPY – US Dollar Remains In Downtrend Vs Japanese Yen[/B][/SIZE] [SIZE=5][B]Key Highlights[/B][/SIZE] · The US Dollar fell sharply during the past few days, and moved below the 114.00 support against the Japanese yen. · The USDJPY pair also broke a bullish trend line with support at 113.10 on the 4-hours chart. · Today, the Japanese Merchandise Trade Balance for Feb 2017 released by the Ministry of Finance posted a trade surplus of ¥813.4B. · The Japanese Adjusted Merchandise Trade Balance for Feb 2017 posted a trade surplus of ¥680.3B. [SIZE=5][B]USDJPY Technical Analysis[/B][/SIZE] The US Dollar was under a lot of pressure, as it moved below the 112.00 support against the Japanese yen. The USDJPY pair is currently correcting, but likely to face sellers near 113.00. [IMG]https://titanfx.com/wp-content/uploads/2017/03/USDJPY-03.22.2017-768x401.png[/IMG] During the downside move, the pair broke a bullish trend line with support at 113.10 on the 4-hours chart. It also moved below the 100 and 200 simple moving average at 113.80 and 113.49, signaling a downside move. The pair traded as low as 111.49, and currently correcting. On the upside, the 23.6% Fib retracement level of the last decline from the 115.49 high to 111.49 low might act as a resistance. Moreover, there is also a bearish trend line at 113.25. It also coincides with the 38.2% Fib retracement level of the last decline from the 115.49 high to 111.49 low and 100 SMA. So, there is a major resistance area formed near 113.20-113.40 where sellers might appear if the pair corrects higher. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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