USD/JPY
USD JPY
- JPY (-)
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Type: Forex
Ticker: USDJPY
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USD/JPY - Prospect of Further Rising Towards 118.65 - 01/19/2017 (GMT)

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The U.S. dollar headed sharply higher against the Japanese yen over yesterday’s session as the release of the economic indicators acted as drivers for the currency. So, unless Donald Trump will affect the dollar tomorrow, we may see the end to a month of losses in the greenback. The USD/JPY pair found a strong support on the 112.50 barrier and surged 1.8% on Wednesday but failed to challenge our suggested target at 115.00 (see technical analysis here: http://bit.ly/2iU1FrI).

Technically, the pair has a strong obstacle to the upside, the 50-daily SMA, however, if it surpasses the latter level will be exposed towards the previous 11-month high at 118.65. On the other hand, if the price rebounds on the aforementioned obstacle, it would open the way for the 113.70 support level. MACD is moving south with some weak momentum while RSI is flattening slightly below the 50 level.
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