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29 Oct 2014
USD/JPY pressuring 108.20 price zone - FXStreet
FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that USD/JPY is trading slightly below 108.20 level on Wednesday.
Key quotes
"The 1 hour chart shows price found intraday support in a still bullish 100 SMA currently around 108.00; RSI in the mentioned time frame aims higher above 50, yet momentum stands flat at 100."
"In the 4 hours chart technical readings present a mild positive tone, yet a strong upward acceleration above mentioned Fibonacci resistance is required to confirm further gains, while the key support for today stands at 107.50/60, 50% retracement of the same rally and the base of the latest range. "
Key quotes
"The 1 hour chart shows price found intraday support in a still bullish 100 SMA currently around 108.00; RSI in the mentioned time frame aims higher above 50, yet momentum stands flat at 100."
"In the 4 hours chart technical readings present a mild positive tone, yet a strong upward acceleration above mentioned Fibonacci resistance is required to confirm further gains, while the key support for today stands at 107.50/60, 50% retracement of the same rally and the base of the latest range. "