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1/19/2016 5:40:40 AM

USD/JPY breaches a descending price channel's ceiling - Technical Analysis - 19-01-2016



USD/JPY rose in the intraday levels and short-term trading, succeeding in breaching that descending price channel that limited its previous short-term movements, along with an influx of positive signals from relative power indicators like the Stochastic as shown below the attached chart. The pair is thus facing the resistance of the SMA50, trying to trespass it to get rid of its negative pressure and benefit from its positive pressure in the coming trading.

Therefore we expect more gains to come for the pair, targeting the resistance of 118.40 as a first line of defense.


Target
Risk


Support
Resistance


Trend Bullish

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