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USDJPY : Dollar Recovering its Losses, But Downside Risk Remains

USDJPY : 4 Hour Chart

USDJPY today seems supported as the pair is trading above the 100 day SMA or above the key support at 101.99. Russia ended military exercises it was holding close to Ukraine border. Investors are now seems eased from the geopolitical tensions thus dampening the demand for safe haven Japanese Yen.

On the 4 hour chart, the pair seems like consolidating within a descending triangle pattern and experiencing resistance from the falling resistance trend line. 100 day SMA seems like acting as support but there is also a key support at 101.99. Although the trend is showing that the pair might continue to decline breaking below this key support but the pair might also reverse the current trend breaking above the falling resistance trend line. If the pair reverses the current trend, the immediate resistance it will find will be at 102.38. And if it continues to decline the immediate support it will find will be at 101.69.

USDJPY : Daily Chart

On the wider time frame that is Daily Chart, the trend seems sideways between the resistance at 103.01 and support at 101.06