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USDJPY : Waiting for a Breakout

USDJPY is still trading within a consolidation zone. Japanese Yen little bit strengthened against US dollar at the end of the day yesterday but the strong jobless claims data still weighs on the pair. 

(USDJPY : 4 hour chart)

The pair is currently facing resistance form the falling resistance trend line and support from 101.43 forming a descending triangle which gives a bearish outlook and indicates that the pair might continue to follow this downtrend breaking the key support of the triangle. Yen got it strength when pro-Russian separatists in eastern Ukraine ignored Putin’s call to postpone a referendum on independence. With no data in focus today the pair might continue to trade within the above shown consolidation zone. 

If the geo-political crisis in Ukraine continue, the demand for safe haven that is Japanese Yen will strengthen.