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USDJPY neutral bias with downside risk

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USDJPY maintains its neutral bias, trading in a broad range between 112.00 and 114.50 since mid-February. Only a break above 115.96 (January 20 low) would shift the near-term bias to a more bullish one. Downside risk exists as indicated by the falling RSI. The indicator is also below 50 in bearish territory. Meanwhile, the negatively aligned moving averages also highlight a bearish outlook. There is scope for prices to target the key 111.00 level, which is an important support level. A

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