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USD/JPY: a new leg south for today's session? - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the dollar edged higher against the yen during Asia trade this Monday, following a recovery in Tokyo stocks from a fresh 1-year low.

    Key Quotes:

    "The safe haven currency was also affected by BOJ's Kuroda wording, as the Central Bank's head reaffirmed that they are willing to add more easing in order to achieve the 2.0% inflation target. The dollar held to its intraday gains, with the USD/JPY ending the day around 117.30, a handful of pips below the daily high set a 117.43. Nor Japan, neither the US, will release relevant macro data this Tuesday, which means that the pair can continue trading on sentiment, and the main trigger will be Chinese GDP for the Q4, to be released during the upcoming Asian session. If the number misses expectations the yen and the gold, are likely to gain on their safe haven condition.

    Technically, the pair maintains its negative tone, as in the 1 hour chart, the price develops well below its 100 and 200 SMAs, while the technical indicators lack directional strength within neutral territory. In the 4 hours chart, the technical indicators have turned sharply lower after failing to overcome their mid-lines, as the price continues developing well below a strongly bearish 100 SMA, supporting the shorter term view and favoring a new leg south for this Tuesday."
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