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20 May 2013
USD/JPY clawing back gains after massive bounce off 102.00
FXstreet.com (Barcelona) - After trading as low as 102.00 earlier in the session, the USD/JPY is now trading slightly higher at 102.81
The FXStreet.com Trend Index remains strongly bullish on the 1 hour chart, while the OB/OS Index reads neutral. Momentum studies are also in bullish set up on the 1 hour chart, with RSI (14) consolidating just above the 50 level and maintaining the bullish 40-80 zone.
Short term moving averages are now in netural set up on the 1 hour chart. First resistance now sits at 103.07 (the 9dma on 1 hour chart), followed by 103.30 (high price from Friday). Looking at the 1 hour chat, we can see how 102.00 capped numerous advances late last week and is now acting as support (note the bullish engulfing candles on 1 hour chart that formed last week as price re-tested 102.00 numerous time )
The FXStreet.com Trend Index remains strongly bullish on the 1 hour chart, while the OB/OS Index reads neutral. Momentum studies are also in bullish set up on the 1 hour chart, with RSI (14) consolidating just above the 50 level and maintaining the bullish 40-80 zone.
Short term moving averages are now in netural set up on the 1 hour chart. First resistance now sits at 103.07 (the 9dma on 1 hour chart), followed by 103.30 (high price from Friday). Looking at the 1 hour chat, we can see how 102.00 capped numerous advances late last week and is now acting as support (note the bullish engulfing candles on 1 hour chart that formed last week as price re-tested 102.00 numerous time )