USDJPY consolidates after crack of key 111 support zone; overall picture remains bearish

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EURUSD The Euro extends correction off 1.1341 (17 Mar recovery peak), following last Friday’s strong bearish close. Slow Stochastic of daily chart is reversing from overbought territory, signaling further easing, before bulls resume. Setup of daily MA’s remains firmly bullish (double Golden Cross) and favors final push towards key barrier at 1.1374 (high of 2016, posted on 11 Feb), after completion of current corrective action. Initial support lies at 1.1200 (hourly Ichimoku cloud base,

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