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Forex technical analysis: USDJPY holds 100 hour mA above and midpoint below..

Discussion in 'Technical Analysis' started by ForexLive, Jul 8, 2016.

  1. ForexLive

    ForexLive Forum Member

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    Holds the 100 hour MA on the top. Looking at the price action in the USDJPY, the topside stalled just before the 100 hour moving average at the 101.32 level. The high reached 101.27. On the corrective move lower, the prior London session high and 50% retracement of the spike higher, held support near the 100.73 level. So there is a battle going on between the extremes. If the price is to go higher look for that support at the 100.74 level to hold. However, if the battered USDJPY is to get off the canvas (I have the low at 100.19 today. What low do you have?), that 100 hour MA needs to be broken. It is as simple as that. The price is down testing support as I type....

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