USDJPY 08-01-2018 Intra-day analysis.

USD consolidates above 91.50 – Is a rebound on the way?

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USDJPY 08.01.18

USDJPY intra-day analysis

USDJPY (113.21): USDJPY extended gains for three consecutive days, with Friday’s session briefly rallying to highs of 113.30 before the dollar eased back to settle at 113.08. Price action remains trading within the consolidation pattern on the daily chart, as resistance at 114.07 remains a major hurdle. On the 4-hour chart, the reversal coincides with a medium-term trend line that has held on two past occasions. A continued follow through to the downside could mean that USDJPY could potentially signal declines to 112.04 level of support. The bias shifts to the upside if the currency pair can post a bullish close above the falling trend line.

 

 

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John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.

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John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.

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