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USD/JPY Trading Near Crucial Juncture?

USD/JPY Trading Near Crucial Juncture?

Key Highlights · US dollar traded higher against the Japanese yen, and currently facing a major resistance area. · There is a bearish trend line formed on the hourly chart, which is acting as a barrier for the USD/JPY pair. · Japanese Gross Domestic Product released by the Cabinet Office posted an increase of 0.3% in Q3 2015, compared with the forecast of no change. · In terms of the yearly change, there was a rise of 1% in Q3 2015, compared with the market expectation of 0.1%. USD/JPY Technical Analysis The US dollar continued the bid tone this week, as the USD/JPY pair managed to trade higher. It is currently facing a major bearish trend line on the hourly chart, which is preventing gains. However, there are many bullish signs, as the pair settled above the 100 and 200 hourly simple moving average.

USD/JPY Hourly Chart

If the pair succeeds in breaking the trend line and resistance area, then a move towards the 123.60 area is possible in the near term.

The hourly RSI is above the 50 level, which is another sign that buyers are in control. On the downside, an initial support is around the 23.6% Fib retracement level of the last leg from the 122.29 low to 123.36 high. The most important one is around the 100 hourly MA.

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