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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 99811, member: 33464"] [SIZE=6][B]USDJPY – US Dollar Sighting FOMC For Next Move [/B][/SIZE] [B]Key Highlights [/B] · US Dollar tumbled against the Japanese Yen, and it may continue to weaken in the near term. · There was a bullish trend line formed on the 4-hours chart of the USDJPY pair, which was cleared to set the pair for a decline. · Today, in the U.S., the Federal Open Market Committee meeting minutes will be published, which may impact the US Dollar in the short term. · Earlier today, the UK British Retail Consortium (BRC) Shop Price Index was released, which came in at -1.7% in Feb 2016. [B]USDJPY Technical Analysis[/B] As mentioned, the US Dollar weakened a lot against the Japanese Yen lately, and was seen trading down towards the 110.00 area. Earlier, there was a bullish trend line formed on the 4-hours chart of the USDJPY pair, which was breached by sellers. A sharp downside happened after the break and the pair lost over 100 pips. [IMG]http://s30.postimg.org/3nykqo8i9/USDJPY_04_06_2016.png[/IMG] The pair just found support near the 110.00 area, and currently attempting to recover some ground in the near term. It won’t be easy for the US Dollar to recover from the current levels, the USDJPY pair is positioned well below the 100 and 200 simple moving average on the 4-hours chart. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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