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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 125756, member: 33464"] [SIZE=6][B]USDJPY – US Dollar To Japanese Yen Broke Crucial Support[/B][/SIZE] [SIZE=5][B]Key Highlights[/B][/SIZE] · The US Dollar struggle to move past 112.00 against the Japanese puts it at a risk of decline. · There was a monster support formed at 110.00 on the 4-hours chart of USDJPY, which was broken during the recent decline. · In Japan, the Domestic Corporate Goods Price Index for March 2017 (MoM) released by the Bank of Japan posted a rise of 0.2%. · Moreover, Bank lending for March 2017 (YoY), released by Bank of Japan posted a rise of 3%. [SIZE=5][B]USDJPY Technical Analysis[/B][/SIZE] The US Dollar after trading close to the 111.60 level against the Japanese yen this past week failed and moved down. The USDJPY pair is currently trading lower, and broke a major support at 110.00. [IMG]https://titanfx.com/wp-content/uploads/2017/04/USDJPY-04.12.2017-768x401.png[/IMG] The last failure in USDJPY was near 111.60. The stated level was aligned with the 61.8% Fib retracement level of the last decline from the 112.19 high to 110.12 low. Plus, there is a bearish trend line and 100 simple moving average at 111.50 on the 4-hours chart. All these acted as a barrier and pushed the pair below 111.00. The pair is currently trading lower, and already broke a major support around 110.00. The stated level acted as a huge support many times, and a break below it means the pair is under heavy selling pressure. The next important support on the downside is near 109.20 where buyers may take a stand. On the upside, the broken support at 110.00 might act as a resistance if the pair moves higher. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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