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USDJPY seems to be in progress for further bearish pressure; stands below uptrend line
USDJPY has been underperforming in the past six days following the pullback on the six-month high of 113.16, achieved last Thursday. The prices seem to be in a negative correction mode as it dived below the 20- and 40-simple moving averages (SMAs) in the daily timeframe, suggesting bearish pressure. The short-term technical indicators are bearish and point to more weakness in the market. Having a look at the momentum indicators, the RSI is moving south below the threshold of 50 and is approaching the 30 level. Moreover, the stochastic oscillator continues the bearish movement and holds in the oversold zone, while the ... (full story)
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