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Technical Analysis
Video | Market Technical | Solid ECN
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[QUOTE="SOLIDECN, post: 203611, member: 80239"] [HEADING=1][JUSTIFY]USD/JPY[/JUSTIFY][/HEADING] [JUSTIFY]the market is waiting for the US inflation data[/JUSTIFY] [HR][/HR] [JUSTIFY][B]Current trend[/B] The US dollar is showing weak gains against the Japanese yen in Asian trading, trying to recover from a noticeable correction late last week. The instrument is testing 115.35 for a breakout; however, market activity remains subdued as investors await the publication of the updated US inflation statistics for December today. According to forecasts, the annual rate of growth in consumer prices could reach 7%, which will be an absolute record in the last 40 years. In turn, the US Fed is ready to raise interest rates, and the first adjustment in the coming year may take place already at the March meeting. The Fed's Chair Jerome Powell, speaking at the US Congress the day before, confirmed the regulator's readiness to prevent further entrenchment of inflation, which until recently was called a "temporary phenomenon". Statistics from Japan released today has an ambiguous impact on the dynamics of the instrument. The Eco Watchers Survey on Current Situation in December rose slightly from 56.3 to 56.4 points, but the Survey on the Economic Outlook for the same period fell sharply from 53.4 to 49.4 points. [B]Support and resistance[/B] In the D1 chart, Bollinger Bands are reversing horizontally. The price range is narrowing, pointing at the multidirectional nature of trading in the short term. MACD is going down, keeping a fairly stable sell signal (located below the signal line). Stochastic keeps a confident downward direction but is rapidly approaching its lows, which indicates the oversold USD in the ultra-short term. Resistance levels: 115.50, 116.00, 116.50, 117.00. Support levels: 115.00, 114.50, 114.00, 113.50.[/JUSTIFY] [ATTACH]19859[/ATTACH][ATTACH]19860[/ATTACH] [/QUOTE]
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