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Technical Analysis
Video | Market Technical | Solid ECN
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[QUOTE="SOLIDECN, post: 203543, member: 80239"] [HEADING=1][B]USD/JPY[/B][/HEADING] [JUSTIFY]US labor market report disappoints the market[/JUSTIFY] [HR][/HR] [JUSTIFY][B]Current trend[/B] The USD/JPY declines, trading around 115.81. Also to poor macroeconomic statistics, the asset is negatively affected by the introduction of new coronavirus restrictions in some prefectures of Japan. The areas of Okinawa, Hiroshima, and Yamaguchi had the highest number of new cases of infection, and the authorities decided to restrict the operation of catering establishments and public events. The head of the Japanese Doctors' Association, Toshio Nakagawa, announced the sixth wave of the epidemic in the country. On Thursday, for the first time since mid-September, 4.475K infected people per day were detected. Also, the Household Expenditure Index declined by 1.3% YoY for November, with an expected growth of 1.6%, and declined by 1.2% MoM after rising by 3.4% for the previous period. USD didn't take full advantage of the JPY weakness, as the report on the US labor market disappointed investors. Although the unemployment rate for December fell to 3.9% from 4.2% for November, Nonfarm Payrolls increased by only 199K, with an expected increase of 400K. Private Nonfarm Payrolls rose by 211K, below the projected 365K people, too. The number of jobs in the manufacturing industry also was worse than expected – 26K against 35K forecasted. [B]Support and resistance[/B] The instrument is correcting upwards, trying to consolidate above the global high of the year. Technical indicators maintain a stable buy signal: indicator Alligator's EMA fluctuations range expands upwards, and the histogram of the AO oscillator forms new upward bars in the buy zone. Resistance levels: 116.34, 118.00. Support levels: 114.83, 112.70.[/JUSTIFY] [ATTACH type="full"]19841[/ATTACH] [JUSTIFY][/JUSTIFY] [/QUOTE]
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