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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 99055, member: 33464"] [SIZE=6][B]USDJPY – US Dollar In An Uptrend Against JPY?[/B][/SIZE] [B]Key Highlights [/B] · Japanese Yen was one of the best performing currencies lately against the US Dollar. · However, it looks like a recovery is starting for the US Dollar, and the greenback may continue trading higher. · Today, the US number of New Home Sales will be released by the US Census Bureau, which is forecasted to post a reading of 0.510M in Feb 2016. · Yesterday, the US Manufacturing Purchasing Managers Index (PMI) released by the Markit Economics posted a minor increase from 51.3 to 51.4 in March 2016. [B]USDJPY Technical Analysis[/B] The US Dollar declined heavily this past week against the Japanese Yen, but it looks like it may recover in the near term. The USDJPY pair is currently trading higher and may be heading towards the 200 hourly simple moving average. [IMG]http://s29.postimg.org/8fgxek07r/USDJPY_03_23_2016.png[/IMG] There is a bullish trend line formed on the hourly chart of the USDJPY pair, which is acting as a support area and can also be seen as a buy zone. There is a chance that the pair may correct a few pips from the current levels, but it could then find support near the trend line and the 100 hourly simple moving average, as shown in the chart. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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