USDJPY has regained upside momentum, rising for 5 straight days after bouncing off 115.55. The kijun-sen line has crossed above the tenkan-sen line which is a bullish signal. RSI is back into bullish territory above 50. There is scope for a retest of 121.84, the 7-year high hit on December 8.
To the downside, there is immediate support at 117.90 which is the 23.6% Fibonacci retracement level of the move up from 105.19 to 121.84. Below this strong support is seen at 115.55, the December 16 low and 38.2% Fibonacci level. Below this level the bullish bias will shift to the downside. However the overall long term market structure is bullish as prices are above the Ichimoku cloud.
February 21, 2017 Global risk appetite remains strong
The Australian economy continues to be a roller coaster for any Aussie bulls, but one thing is certain the markets are not paying too much attention at present with the AUDUSD being one of the stand out performers in 2017 so far.
February 20, 2017 U.S. dollar attempts to post a recovery amid a slow trading day
The U.S. dollar is attempting to post some gains to build up from Friday's reversal. Price action has formed an inside bar among EURUSD and USDJPY which could indicate a potential breakout trading that could establish the near-term direction of prices...
February 20, 2017 FOMC & RBA February meeting minutes, key data in focus
In the US, the Fed will release the minutes of its February meeting. Markets will probably focus on any signals regarding the timing of the next rate hike...
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