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USDJPY Daily Forecast: March 13

USDJPY Daily Forecast: March 13
Tuesday, March 13th, 2018 @ 12:43 am by Setyo Wibowo

About Setyo Wibowo:

Setyo Wibowo Living in East Java, Indonesia and holding International Relations degree, Setyo Wibowo began his forex trading career by joining Fortune Channel Investment in 2000 as a market analyst, while learning to trade forex independently on his own. Driven by his desire to share his trading experiences and ideas, Setyo joined the FX Instructor team in 2008. Setyo Wibowo is now living in Mojokerto, East Java, Indonesia.

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USDJPY Forecast
The USDJPY failed to continue its bullish momentum yesterday bottomed at 106.30 and hit 106.24 earlier today in Asian session. From a different technical perspective as you can see on my daily chart below, we may have a potential descending triangle formation in the making. The bias is neutral in nearest term probably with a little bearish bias retesting 105.50 support area. A clear break and daily close below that area could trigger further bearish pressure testing 104.25 area. Immediate resistance is seen around 106.50. A clear break above that area could trigger further bullish pressure testing 107.00 region. Overall I remain neutral.

Descending triangle: forex trading

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