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USDJPY Technical analysis 16 May 2018

2018-05-16 05:50 am | Resource: Technical Analysis | No Views : 19

Time frame Used - four hours
The USDJPY is moving in a bullish direction in the near term
USDJPY CHART
   The USDJPY  was able to control the movement of the USDJPY to break through the resistance level of  10999 to reach the level of 110.47 where facing selling pressure around this level
  In view of the technical indicators
Both the RSI and the Stochastic are indicating  to the arrival of indicators in the overbought area
Accordingly, we expect that  the USDJPY  will  test level  of 109.99 again  and then rebound higher
  The alternative scenario is that  the USDJPY retreat to level  of 109.49
Resistance: 110.47 - 110.80 - 111.37
Support: 109.99 - 109.49 - 109.03
Direction: Up
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