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Forex technical analysis: USDJPY trying the downside

Discussion in 'Technical Analysis' started by ForexLive, Feb 18, 2016.

  1. ForexLive

    ForexLive Forum Member

    Sep 2, 2015
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    Narrow range but more bearish technically The USDJPY has tested the 200 hour MA three times over the last few days in what has been a down to sideways market. Yesterday and again today, the price peaked above the MA line, only to rotate back down. Yesterday, the 100 hour MA (blue line) held support. Today, that 100 hour MA was broken. Admittedly, the price had little choice. The 100 hour MA converged toward the 200 hour MA. The 200 hour MA converged toward the 100 hour MA. In fact, the two crossed today. Is the cross more bullish? Only if the price can move back above the MA levels. With the 100 hour moving average at 113.99, a move above the nice round 114.00 is needed to turn the bearish bias to more bullish.

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