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Technical Analysis
Video | Market Technical | Solid ECN
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[QUOTE="Solid ECN, post: 208461, member: 83167"] [JUSTIFY][img]https://i.ibb.co/KwWHyFj/usdjpy-forum-2.png[/img] The US dollar shows moderate growth against the Japanese yen in Asian trading, recovering from the active decline the day before, which led to the renewal of local lows from May 12. The instrument is testing 129.00 for a breakout, receiving support from good macroeconomic statistics from Japan. In particular, investors welcomed yesterday's data release, which reflected a weaker slowdown in the Japanese economy in Q1 2022. The GDP showed a decline of 0.2% QoQ and 1% YoY, while forecasts suggested a contraction of 0.4% QoQ and 1.8% YoY. Today, the yen is supported by strong data on the Machinery Orders. In March, volumes rose by 7.1% MoM and 7.6% YoY, although analysts had projected a 3.7% increase in both figures. Only the data on the dynamics of exports were somewhat disappointing. In April, Exports from Japan slowed down from 14.7% to 12.5%, which turned out to be worse than the average analysts' forecasts of a decline to only 13.8%. With persistently high Imports (although they also sank from 31.2% to 28.2%), this led to an increase in the Trade Deficit from 1019 billion to 1618 billion Japanese yen. [img]https://i.ibb.co/LQbZ65S/usdjpy-2.png[/img] In the D1 chart, Bollinger Bands are reversing horizontally. The price range expands from below, making way for new local lows for the "bears". MACD is going down preserving a stable sell signal (located below the signal line). Stochastic shows a more modest decline, reacting to the emergence of upward dynamics during the morning session on May 19. Resistance levels: 129.39, 130, 130.79, 131.33 | Support levels: 128.62, 127.88, 127.5, 127 [img]https://i.ibb.co/4TbQX6S/usdjpy-1.png[/img][/JUSTIFY] [/QUOTE]
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