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Thread: USD/JPY

  1. #2051 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Welcome to the forum fellow traders and speculators!

    Heres the forecast for the US dollar/Japanese yen currency pair:

    The price of the pair sharply declined during the past day, which resulted in the formation of a complete bearish candle. This managed to break through the local support level of 109.472 and consolidate below it and below the dynamic support level in the form of 21 EMAs. Today, the pair is expected to further decline. The nearest pivot point for this is the local support level of 108.393, from which two possible scenarios will be considered on how the situation will develop.

    General scenario: If the price breaks through the above-mentioned support level and consolidates below it, the downward trend will continue to the next pivot point, which is the local support level of 106.952. Near which, a reversal candle may form, which will lead the price upwards.

    Alternative scenario: If a reversal candle is formed from the initial support level (108.393), then the upward movement may resume. Here, the nearest pivot point will be the local resistance level of 109.372.

    Good luck to all of you

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  2. #2052 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Default USDJPY

    Our expectations for USD to weaken further did not materialize as it traded in a surprisingly quiet manner between 108.74 and 109.09. Downward momentum has clearly waned but there is still room for USD to edge lower. That said, the major support at 108.40 is likely out of reach for today. Resistance is at 109.10 followed by 109.30.

    Next 1-3 weeks: We have held a negative view in USD for more than a week now. In our latest narrative from Monday (12 Apr, spot at 109.65), we highlighted that downside risk in USD is still intact but chance for a sustained decline below 109.00 is not high. In other words, we did not quite anticipate the sudden sharp decline yesterday and the ease by which USD cracked 109.00 earlier. The vastly improved momentum indicates that the pullback that started earlier last week could extend to 108.40, with lower odds for extension to 108.00. Overall, USD is deemed to be under pressure as long as 109.60 is not breached (strong resistance level was at 110.35 yesterday


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