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USD/JPY: downside favoured on 4hr chart - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that USD/JPY remains glued to the 120.00 region, having been as low as 119.62 earlier in the day.

    Key Quotes:

    "Trading in range, the pair initially fell after the FOMC Minutes' release, but quickly bounced following a strong advance in commodities and stocks. The pair however, was unable to advance beyond the 120.00 level and the 1 hour chart shows that the price is below its 100 and 200 SMAs, whilst the technical indicators are barely aiming higher around their mid-lines.

    In the 4 hours chart, the downside is favored given that the price is below its moving averages, whilst the technical indicators present slight bearish slopes below their mid-lines. The key support comes at 119.35, the 38.2% retracement of the latest weekly decline, with a break below it required to confirm a steadier decline towards the base of the latest range in the 118.50 region."
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