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USD/JPY Bounces Off Key Support to Set New Weekly Highs
The USD/CAD currency pair on Thursday bounced off the trendline support at about 147.66 to trade at a new weekly high of 148.26. The currency pair continues to trade within an ascending channel formation in the 60-minute chart. The pair has now advanced to trade a few levels above the 100-hour moving average line. As a result, the currency pair appears to be on the verge of entering overbought conditions of the 14-hour RSI. From a fundamental perspective, the USD/JPY currency pair is trading at the back of a relatively busy period in the US market. On Thursday, the initial jobless claims for the week ending March 8 ... (full story)