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USD/JPY(a 4-hour chart) -Technical Analysis for 19.07.2016

19/07/2016 // 10:27:04 am

General outline:

Afterthe Turkish government retained its control over the country after a failed coup attempt by the rebels, the yen became feeble on Mondayas investors initially ran to the yen as a safe asset on the news about a coup attempt.

 Current situation

The pair, USD/JPY continued to remain in a trading range around the level of 106.00. Our technical outlook is still short-term bullish. The resistance is seen at 106.00, the support exists at 105.30.

MACD still exists in the positive area. As histogram decreased, the buyers’ positions were weakening. RSI came back to the overbought area which is a buy signal.

The 50-EMA breached the 100-EMA upwards. The moving averages (50, 100 and 200) are still ascending which is also a buy signal.

Trading recommendations:

As the pair rises above 106.00, the uptrend will begin soon. If the pair breaks the level of 106.00, we think that the 107.00 level will be next. Else, the price may decline to 103.50 level.


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