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Technical Analysis Report - USD/JPY

05/09/2016 // 05:27:21 am

General outline:

The currency Japanese yen (JPY) softened its position because of US monthly jobs report.

Present Scenario:

The currency pair hit the fresh 2-day lows and declined below the 103.50 level after US NFP report. The resistance is observed at 104.50, the support stands in at 103.50.

The price continued to exist above the moving averages in the 4 hours chart representing a strong bullish slope. The moving averages accelerated their growth on Friday.

MACD exists in the positive territory. RSI moved closer to the overbought territory. Both the indicators are displaying a buy signal.

Trading Commendations:

The resistance 104.50 is the main buyers’ target right now. Sellers may regain some control if they manage to push the price below 103.50.

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