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USD Index Threatens Major Trend, JPY Outlook Hinges on BoJ Policy
The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) is 0.17 percent lower from the open after moving 77 percent of its average true range, and the index may continue to give back the rally from earlier this year as it appears to be carving out a new trend. As the greenback struggles to hold above the 10,000 figure, the series of lower highs paired with lower lows casts a bearish outlook for the greenback, but we will be keeping a close eye on the 30-minute relative strength index as it approaches oversold territory. Nevertheless, we are likely to see risk-trends dictate price action in the currency market as the ... (full story)