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USDJPY, after forming a solid bottom at 110.30, rallied and printed higher high above 111.50. Fundamentals ( Strong US GDP ) confirm more strength in USD, which should help to bring this market higher. The weekly momentum is now overbought and suggesting more upside is likely. I expect the higher high to rally a little bid more and the price should correct to the downside to re-test the support/former resistance. I mark the support at 111.30.
Tags: March 2017,
USD corrected to the upside after losing value post FOMC. All major USD crosses showed a minor correction apart form commodity currencies AUD & NZD. Kiwi has been in a major down spiral since RBNZ indicated possible rate hike in the nearest future. Since then the pair dropped from 0.73 to 0.68.
Data from the Eurozone was mixed with industrial production rising less than expected and German investor confidence falling short of forecast. However expectations for Eurozone growth rose sharply last month, which could be a reflection of the recent improvements in the region's economy.
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