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USDJPY gathers positive trend vibes above 109
The hawkish nature of the FOMC policy meeting late on Wednesday allowed USDJPY bulls to retake control and pick up steam above the 109 important level. Technically, the pair could consolidate gains in the short-term as the RSI is positively sloped and not far below its 70 overbought mark; the indicator is already in the overbought territory in the four-hour chart. Yet, with the price having cleared the 50-day simple moving average (SMA), and the 50% Fibonacci of the upleg from 104.64 to 112.39, the market is likely to keep trending up. It is also worth mentioning that the 20-day SMA is set to cross above the 50-day ... (full story)
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