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Technical Analysis
Video | Market Technical | Solid ECN
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[QUOTE="SOLIDECN, post: 203658, member: 80239"] [HEADING=1][JUSTIFY]USD/JPY: US inflation reached a 40-year high[/JUSTIFY][/HEADING] [JUSTIFY][/JUSTIFY] [HEADING=3][JUSTIFY]Current trend[/JUSTIFY][/HEADING] [JUSTIFY]The Japanese currency continues to trade in a stable sideways trend amid positive macroeconomic statistics. At the moment, USD/JPY is showing a downtrend, trading around 114.56. During the period from November to December last year, Japan significantly improved its trade balance. The seasonally adjusted export-import ratio rose to 1.37T yen from 1.03T previously, suggesting a recovery in exports, which fell significantly in the fall quarter. Eco Watchers' Current Situation Index continues to be in positive area, reaching 56.4 points in December, up from 56.3 points in November. In turn, the American currency has left the limits of a long narrow range and dropped below 95.000 in the USD Index after the release of yesterday's inflation report. The US Consumer Price Index in annual terms reached 7.0%, which coincided with the forecasts of most experts and has not been observed in the American economy for almost 40 years. Among the main reasons for the record growth in the indicator, analysts highlight the rise in the cost of housing and a significant rise in the price of cars. However, the most negative was caused by the comments of the representatives of the US Fed. The regulator recognized inflation as a serious long-term problem that will threaten the stability of the national economy and currency in the near future. Thus, the officials of the department have abandoned their previous statements that the rise in prices is a temporary phenomenon. [/JUSTIFY] [HEADING=3][JUSTIFY]Support and resistance[/JUSTIFY][/HEADING] [JUSTIFY]USD/JPY is correcting within the global Expanding Formation pattern. Technical indicators are ready to reverse and give a signal for the start of sales: the fluctuation range of the Alligator indicator EMAs is narrowing and the histogram of the AO oscillator is forming new descending bars and approaching the transition level. Support levels: 114.10, 112.00. Resistance levels: 115.40, 116.30.[/JUSTIFY] [ATTACH type="full"]19885[/ATTACH] [/QUOTE]
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