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USD/JPY testing support near 122.80

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Bali) - USD/JPY has seen some selling in early Tokyo, with the pair coming down towards 122.80 intraday support after the inability to hold gains above the 123.00 handle through the US hours.

    USD/JPY technicals

    According to Valeria Bednarik, Chief Analyst at FXStreet.com: "The 1 hour chart shows that the price faltered around its 100 SMA and is now below its 200 SMA, while the technical indicators head clearly lower below their mid-lines, in line with a steeper decline."

    "In the 4 hours chart, the price holds near its recent lows at 122.60, the main support for the next 24 hours, the Momentum indicator lacks directional strength around its 100 level, whilst the RSI indicator heads south around 44, supporting a bearish continuation on a break below the mentioned 122.60 support", Valeria adds.
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