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Daily analysis of USD/JPY for July 24, 2017

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Overview

The USD/JPY pair succeeded to touch our second target at 110.98. Today, the pair opened with a more decline to move below it now, as it closed the last four hours’ candlestick below it. This indicates the extension of the bearish wave towards the next correctional level at 110.15. Therefore, we expect the continuation of the negative pressure on the intraday and short-term basis supported by the EMA50. Please take into consideration that breaching 111.65 followed by 112.32 levels will stop the expected decline and lead the price to regain its main bullish track again. The expected trading range for today is between 110.00 support and 111.65 resistance.

The material has been provided by InstaForex Company – www.instaforex.com

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