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Technician
Jan 29, 2014 11:13 AM

USDJPY Resting Key Broken Support  Short

U.S. Dollar/Japanese YenFXCM

Description

The price is retesting the 50-days SMA and horizontal resistance level around 103.00, risk remains to the downside as long below this resistance.
Comments
Sam0101
ooo so overall trend stil bearish until it reach somewhere around 101, oni then it will rally ..?
Sam0101
how come tapered d, the USD still haven't rally? Will it really goes down all the way to 101?
Technician
It didn't rally cause the jpy is strengthening. That is because the overall sentiment of markets is negative, usually when market in risk mode the Japanese is well demanded as a haven currency. On the other hand, the U.S. dollar hasn't rallied against the majors.
Sam0101
yeah, its better we wait for the FOMC meeting later. Thanks technician
Sam0101
so its going down to 101.5?
Technician
May and may not :) .. But i would speculate on that yeah
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