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Technical Analysis
Video | Market Technical | Solid ECN
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[QUOTE="SOLIDECN, post: 211010, member: 80239"] [HEADING=1][JUSTIFY]USDJPY - correction after a five-month uptrend[/JUSTIFY][/HEADING] [JUSTIFY]Despite the decision of the Bank of Japan to leave the interest rate unchanged at a negative level of –0.10%, the trading instrument failed to strengthen its position. Instead, the quotes began to decline and broke through 136.7, initiating a correction after a strong five-month uptrend. At a subsequent press conference, the head of the regulator, Haruhiko Kuroda, said that the country's financial authorities would continue the current "dovish" course and maintain an ultra-loose monetary policy, responding appropriately if the market situation required it. According to Kuroda, the economic risks are currently skewed to the downside, as growth rates are not keeping with the acceleration of inflation but will eventually be balanced. The main goal of the current policy is to increase the population's income and fix inflation above 2%, the official stressed. [img]https://i.ibb.co/3C0r9mH/usdjpy-1.png[/img] The long-term trend remains upwards. However, the instrument is heavily overbought, which led to an inevitable correction, as a result of which the traders broke through the support level of 136.7. Now the decline target is 134.55. In case of its breakdown, the downward dynamics will intensify to the area of 131.4. The medium-term trend is upwards. At the moment, the instrument is correcting, trying to test the key trend support 135.24 – 134.84, after which traders should consider new long positions with the target at the July high of 139.30. [B]Resistance levels[/B]: 136.7, 139, 141 |[B] Support levels[/B]: 134.55, 131.4 [img]https://i.ibb.co/GdLGdb7/usdjpy-2.png[/img][/JUSTIFY] [/QUOTE]
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