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USDJPY consolidates below SMAs and Ichimoku cloud
USDJPY has been consolidating since March 27 and has been stuck in a channel tilting slightly to the downside. The neutral to bearish picture in the short-term looks to last for a while longer after price slipped below the simple moving averages (SMAs) earlier this month. Resistance was met at around the 109.20 region, forcing the pair to reverse lower. The negative bias in the near term is supported by the deterioration in the momentum indicators. The %K line of the stochastic oscillator has fallen sharply into oversold levels. However, the RSI is sloping marginally up in the negative zone. If prices continue to ... (full story)