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USDJPY extends upside momentum

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USDJPY maintains a neutral bias since early February, as prices remain within a range between 111.00 and 114.00. The short term momentum continues upward, as indicated by the rising RSI. Prices rebounded from 110.65 that was reached on March 17. This suggests a bottom could be in place at this low. The current rally is finding resistance at the 50% Fibonacci level(around 113.50). This retracement is of the rise from 101.19 to 125.84 (July 2014 to May 2015 rise). Continued upside momentum would

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