USD/JPY Technical Analysis: October 3 2016
The declaration proclaimed by the OPEC regarding the reduction of oil cause the Japanese currency to deplete. While the China official PMI provided a safe harbor for the yen. The bearish outlook persist to be unchanged. JPY lose its current profits last 30th of September but still it procured the final price against the USD. A bullish pattern run down the 101.70 making the price to bounce off to the 101.40 region.
USDJPY passed through the 100-EMA and tested the 200-EMA as shown in the 4-hour chart. But buyers had a decline around the 200-EMA resulting for a rollback in prices. Current resistance hit the 101.40, support meet the 100.40 region. MACD stayed over the same position and signaled strength for the buyers. RSI vacillates around the overbought zone.
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