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USDJPY : Might Come Down in Future

(USDJPY : 4 Hour Chart)

USDJPY has trimmed some of its gains finding resistance at 102.25 on the 4 hour chart. However of we insert Fibonacci retrenchment levels on the chart, we can see that the pair again found support at the 23.6 fib level which is at 102.01. Currently the moving averages are neutral signaling sideways movement so the pair might continue to move in the 102.25 – 101.95 range for a while. Because of the holiday in US there is not much volatility in the market so we cannot expect some big moves this Friday.

(USDJPY : Daily Chart)

If looking at closely at the daily chart, the pair is signaling some bearish trend. 50 day SMA and 100 day SMA are contracting towards the 200 day SMA and might cross below it signaling a downtrend on the pair. Also it seems like the 100 day SMA is providing resistance to the pair.