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USD/JPY: testing fresh two week lows - Scotiabank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Eric Theoret, CFA, CMT FX Strategist at Scotiabank explained that USD/JPY has tested a fresh two week low and trend signals hint to a rise in downside risk.

    Key Quotes:

    "However momentum indicators are close to neutral and USDJPY has yet to break its multi-month range roughly bound between 111 and 115. Near-term support is expected at 111.20 and the crucial 111 level."

    "Near-term resistance is limited ahead of 112.50 and the short term MA’s at 112.54 (9d MA) and 112.68 (21d MA)."
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