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USD/JPY: watch 123.20 support for potential breakout - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted the conditions surrounding USD/JPY.

    Key Quotes:

    "The American dollar extended its rally against its American counterpart up to a fresh 3-month high of 123.74 following the release of the FOMC Minutes of the October meeting, although the pair failed to sustain gains beyond 123.60, and trades a few pips below this last ahead of the Asian opening.

    The FED had a limited impact over US indexes, which pretty much is telling that stocks' traders have already priced in a December hike. Technically, the upside prevails in the short term, as in the 1 hour chart, the price is holding well above its 100 and 200 SMAs, both aiming higher around 123.00, while the technical indicators present bullish slopes in positive territory.

    In the 4 hours chart, the price is also far above its moving averages, but the technical indicators are beginning to look exhausted near overbought territory, supporting a downward corrective movement ahead, particularly on a break below 123.20, the immediate support."
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