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JPY attracted the market attention in the beginning of the new year

Discussion in 'Current Market Sentiments' started by fx-recommends, Jan 5, 2016.

  1. fx-recommends

    fx-recommends Content Contributor

    Aug 6, 2008
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    USDJPY Daily 05-01-2016 04-13-25 ص.jpg
    JPY could take the attention of the market participants in the first trading day of the year, as this low cost financing currency usually gains benefits by unwinding of the carry trades during the risk-off sentiment.

    USDJPY has resumed the slide which has been triggered by worries about the Chinese manufacturing performance in the beginning of yesterday Asian session to reach 118.68 during the US session with similar worries about the US manufacturing activities, before recovering to be traded during today Asian session above 119.50.

    The pair has been exposed to increasing downside momentum following breaking of 120 psychological level, before finding support at 118.68

    The pair daily Parabolic SAR (step 0.02, maximum 0.2) is reading now 122.45 in its eighth consecutive day of being above the trading rate.

    USDJPY came under technical pressure, after ending side way of trading between 121.21 and 123.74 by breaking its lower band at 121.21 and after failing to re-enter this trading barrier, it formed last week another lower high at 120.64 to fall further.

    Important levels: Daily MA50 @ 121.85, Daily MA100 @ 121.05 and Daily MA200 @ 121.61


    S1: 118.68
    S2: 118.05
    S3: 116.15
    R1: 120.64
    R2: 121.49
    R3: 123.74

    Have a good day

    Walid Salah El din
    Senior Market Analyst
    Skype : chief.economist.walid

    Tel: UK. +44 1138590277
    Mob: EGY. +20 1224659143

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