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Technical Analysis Report - USD/JPY

14/09/2016 // 06:23:02 am

General outline:

The USD gained a position in the market after the Fed official’s statement increase odds of a possible rate hike in September.

Present scenario:

The USD/JPY displayed strength mode on Tuesday. The dollar recovered losses which it suffered on Monday and consequently, the buyers were able to push the price towards 102.50. The resistance is seen at 102.50, the support comes in at 101.40.

MACD exists in the negative. The fall of MACD confirms the strength of sellers.

RSI rebounded from the oversold area

Trading commendations:

Our analysts are predicting the target to remain the same – 102.50. If the instrument breaks the level, it will rise towards 103.00 and further out to 103.50. Else the price will breach the 101.40 and advance to 100.40.

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