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Technical Analysis – USDJPY consolidates below 120.00

XM Markets UUIIFXBR
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USDJPYDailyApril3USDJPY has found support at the 38.2% Fibonacci level of the upleg from 115.84 to 122.01. This support comes in at 119.64. A break below this level would find the next support at the 50% Fibonacci at 118.92 and then at 61.8% at 118.20.

To the upside, resistance comes in at the March 31st high of 120.35 and at the 23.6% Fibonacci at 120.58.

The trend has been neutral since December 2014 and the pair has been trading between 115.55 and 122.01. The intra-day bias looks bearish as the RSI is below 50.

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