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USD/JPY Technical analysis 11 January 2019

2019-01-11 12:22 am | Resource: Technical Analysis | No Views : 174

Time frame Used - four hours
The USDJPY is moving in a sideway direction in the near term.
USD/JPY CHART
The USD/JPY has already rebounded as we expected in the previous report to hit the 108.50 level as it faces selling pressure around this level, as well as the USD/JPY faces resistance around the Bollinger's moving average line.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to a lack of signals.
Therefore, we expect that the USD/JPY will retreat to levels of  107.72 - 106.80, and this scenario fails in case of  stabilize above the 108.50 level.
The alternative scenario is that the USD/JPY broke level of 104.74 down to target the 99.75 level.
Recommendation
Our view is currently neutral around USD/JPY
The fundamental overview
• On the economic data level there are no reports or economic data that have a strong impact on the Japanese economy.
• The US Core Consumer Price Index and the US Consumer Price Index will be released on a monthly basis at 8.30 am GMT.
Resistance: 108.50 - 109.00 - 109.50
Support: 107.72 - 106.80 - 104.74
Direction: sideway
Technical Analysis
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