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Market Recap: 25 - 29 March

 

 
On Tuesday last week we covered the GBPUSD which finished the week falling strongly lower to a three week low. To start out the week it was trading around the current key level of 1.32 where it spent most of the last few weeks trading around. In this same period the GBPUSD has increased in volatility but kept right around the 1.32 level, so it will be interesting to see whether it can remain within touch. 
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USDJPY - Remains Steady Above 109 as BOJ Loses Optimism

 

 
In the last few weeks the USDJPY has steadily eased lower from a two month high above 112 down to a range right around 110. The 112 level has been significant in the last six months or so providing support to the currency pair in the last few months of 2018 whilst offering resistance in the last month forcing it lower. 
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Japan Industrial Production m/m

Today at 4:30am UK time. Industrial Production m/m reflects changes in the Japanese industrial sector outputs in the given month compared to the previous month. F:3.7%, P:3.7% #USDJPY may test 112.

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USDJPY around 109 as BOJ Concerned with Global Economy

Bank of Japan policymakers expressed concern about growing risks to global growth posed by a slowdown in China’s economy due to trade friction with the United States, a summary of opinions at the bank’s January rate review showed on Thursday.

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Market Recap: 19 - 23 November

 

 
On Monday last week covered the 30 index and the key level at the time at the time was the 25,000 level. Earlier in October the index found solid support from this level although it did break down through that level to its lowest level in four months. It was able to recover strongly and enjoy a strong resurgence moving from the multi-month lows back up to the key 26,200 level. It formed a classic doji candlestick at this level before reversing. Many would have expected the index to enjoy more support from the 25,000 level however throughout last week it broke through strongly and continued to decline to near the four month lows again. The next obvious key level will be 24,000 as the index enjoyed some strong support in the first half of this year.
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USDJPY - Consolidates Around Key 113 Level

 

 
In the last couple of weeks the USDJPY has eased back to the key 113 level after displaying some reversal candlesticks at the recent peak, namely some doji candlesticks. It has rallied a little in the last few days to return to this level. The last month or so has shown how key the 113 level is presently. After falling strongly from the 2018 high above 114.50 down to below 112, it did well to recover to the 113 level. The 113 level provided stiff resistance to the currency pair back in July and forcing it lower strongly so it is no surprise that it is consolidating around this level for the moment.
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USDJPY - Consolidates Around Key 113 Level

 

 
In the last week or so the USDJPY has rallied well to return to the key 113 level where it has spent the last week consolidating. It has done well to regain some lost ground after falling early last month from a 2018 high above 114.50 down to below 112. The 113 level provided stiff resistance to the currency pair back in July and forcing it lower strongly so it is no surprise that the rally has been halted around that level for the moment. Throughout September the USDJPY surged higher from the key 111 level up to resistance at 113 for a few days before pushing higher to the 2018 high above 114.50.
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USDJPY - Rallies Towards Key 113 Level

 

 
In the last week the USDJPY has rallied well to come back within reach of the key 113 level after falling heavily in the last few weeks from a 2018 high above 114.50. The 113 level provided stiff resistance to the currency pair back in July and forcing it lower strongly so it may play a role again. Throughout September the USDJPY surged higher from the key 111 level up to resistance at 113 for a few days before pushing higher to the 2018 high above 114.50. Throughout August the USDJPY was content to trade right around the key 111 level keeping a reasonably tight range for that time. In the middle of July the USDJPY surged higher to a then 2018 high just above 113 before falling strongly to the 111 level where it enjoyed solid support again.
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USDJPY - Eases Back to Support at Key 113 Level

 

 
In the last week the USDJPY has fallen back to the current key level of 113 after reaching a 2018 high. Throughout September the USDJPY surged higher from the key 111 level up to resistance at 113 for a few days before pushing higher to the 2018 high above 114.50. It is likely the 113 level will provide some support after being an obstacle and offering resistance in the last few months. Throughout August the USDJPY was content to trade right around the key 111 level keeping a reasonably tight range for that time. In the middle of July the USDJPY surged higher to a then 2018 high just above 113 before falling strongly to the 111 level where it enjoyed solid support again.
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USDJPY - Eyes on Resistance at 113 as BOJ Keeps Policy Steady

 

 
The USDJPY has moved well in the last couple of weeks surging higher from the key 111 level up to a two month high just shy of the previous resistance level around 113. Throughout August the USDJPY was content to trade right around the key 111 level keeping a reasonably tight range for that time. In the middle of July the USDJPY surged higher to a 2018 high just above 113 before falling strongly to the 111 level where it enjoyed solid support again. With this sell off only a couple of months ago, the market will most likely watch this level for any signs that the USDJPY is sold off again and the resistance stands tall. The 111 level will then expected to offer support again should the USDJPY retreat from its current levels.
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