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Technical Analysis Report - USD/JPY

15/08/2016 // 04:54:30 am

General outline:

As the Retail Sales showed almost a flat zero growth and PPI declined, there were concerns over the strength of the U.S. economy. The traders shifted the focus on yen and as a result, yen strengthened its position

Present scenario:

The yen gained position in the market amid risk aversion. Bears hold the regime of the market and moved it lower than the 101.40 level. The resistance is seen at 101.40, the support exists at 100.40.

The strength of the sellers is displayed by the decreasing MACD. RSI stands very close to the oversold area.
The pair gained back from the 100-EMA which lies around the resistance 102.50 in the 4 hours chart. The price dropped and returned below the 50-EMA. The direction of the moving averages is downwards.

Trading commendations:
The market is gloom and the loss of the 101.40 level will point to a further period of downside to come. The currency pair may fall to the support level of 100.40.

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