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Technical Analysis Report - USD/JPY

07/09/2016 // 08:53:24 am

General Outline:

The USD continued to remain under pressure even for the second day of the week.The US services sector statistics unexpectedly declined to the lowest level since January 2010.

Present Scenario:

The U.S statistics disappointed the stakeholders of the market and caused the dollar to fall to  5-day low. Sellers  held the regime and forced to price movement from 103.50 towards 102.50. The USD/JPY approached the 200-EMA in the 4 hours chart. The 50-EMA breached  the 100 and 200 Day EMAs in the mentioned timeframe.   The resistance stands 102.50, the support exists in at 101.40.

MACD indicator displayed a divergence in the 1 hour chart. RSI is approaching the oversold territory.

Trading commendations:

The market appears to be bearish at the moment. Our analysts expect it to decline  to 101.40

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