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USD/JPY rejected from highs, back to square one

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/JPY came under mild pressure after being rejected from fresh 2 ½-month highs as investors book profits and continue to weigh last Friday’s nonfarm payrolls report.

    After reaching a fresh high of 123.60, USD/JPY turned lower and gave up intraday gains weighed by falling stocks. The pair slid to a fresh daily low of 123.12 in recent dealings and it was last trading at 123.25, virtually unchanged on the day.

    USD/JPY technical view

    From a technical view, Valeria Bednarik, chief analyst at FXStreet says the pair looks overbought in short-term charts, but still with no signs of reversing. “Technical indicators look slightly exhausted towards the upside. Nevertheless, the upside remains favored, with a break above 123.80 opening doors for an advance towards the year high at 125.80”, the analyst said.
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