USD/JPY Analysis - page 73
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Currenlty the pair is trading at 112.48 after had pinned daily low at 112.05. On the four hour time frame the price is developing above its bullish moving averages, so the long term uptrend is not at risk. RSI and stochastic are displaying strong bearish slopes and are close to oversold territories.
Further declines are expected in case of closing below the daily low which will bring next bearsih target at 111.80. On the other hand bulls might try to fight the first resistance at 112.60 which if broken will offer next one at 113.00.
Currenlty the pair is trading at 112.48 after had pinned daily low at 112.05. On the four hour time frame the price is developing above its bullish moving averages, so the long term uptrend is not at risk. RSI and stochastic are displaying strong bearish slopes and are close to oversold territories.
Further declines are expected in case of closing below the daily low which will bring next bearsih target at 111.80. On the other hand bulls might try to fight the first resistance at 112.60 which if broken will offer next one at 113.00.
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Currently the pair is consolidating aorun 61.8% Fibonacci retracement od its latest bullish run and according to technical indicators on h4 the chances for steeper advance are limited. The upside is still capped by 111.45 where the 100-day SMA is developing while the donwside remains supported by the 110.80 – 110.70 zone.