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Major news related to USDJPY. What's next?

Thursday, November 29, 2018 1:41 PM GMT

Today’s agenda includes major news, such as US Core Personal Consumption Expenditure – Price Index (Previous: 2%, Forecast: 1.9%), US Continuing Jobless Claims (Previous: 1.668M, Forecast: 1.664M) and FOMC Minutes. On the other side, today Tokyo CPI ex Fresh Food and Japanese Industrial Production are already released. Traders should keep a sharp eye on the news, as well as expected high volatility during the session.

Looking at the daily technical aspect, USDJPY tested the downward trendline (T1) and retraced back to trendline (T2). Reviewing the oscillators, Stochastics escaped from the overbought zone, while RSI is following the trendline (T3).


Heading to H4 timeframe, the pair is currently testing the 38.2% Fibonacci resistance level, at the same time as Stochastics is oversold.


Overall, USDJPY may bounce towards 23.6% Fibonacci. Then, the Sellers probably take again the control of the pair pushing it lower around 112.80 level.

Alternatively, if price breaks out the trendline (T1) to the upside, then the pair can potentially reach the yearly high around 114.5 level.

Always review your own analysis. If there is a confluence between the current study and your own strategy, then you may have even better trading setups.

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