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29 January, 2020
USD/JPY
USD/JPY Price Analysis: Oscillates among 50/100-hour SMA, FOMC awaited

1.USD/JPY witnesses a modest intraday pullback from weekly tops.
2.The disadvantage stays cushioned close to 109.00 in advance of the FOMC.

The USD/JPY pair didn't capitalize on its early uptick to weekly tops and witnessed a modest intraday pullback from a resistance marked by 100-hour SMA.

Bulls, however, managed to guard the 109.00 round-parent mark, which coincides with 50-hour SMA and must now act as a key pivotal factor for intraday investors.

Meanwhile, technical signs on the 1-hourly chart have again commenced gaining a few effective tractions however maintained their bearish bias on 4-hourly/daily charts.

The technical set-up hasn't been supportive of any firm intraday direction and warrants a few warnings for competitive buyers in advance of the FOMC policy decision.

Hence, it will likely be prudent to anticipate a sustained break thru every day buying and selling range before positioning for any significant intraday buying and selling opportunities.

Immediate resistance is pegged close to the 109.60 region (200-hour SMA), which if cleared should set the level for a move closer to the important thing 110.00 psychological marks.

Conversely, a sustained break below the 109.00 level seems to boost up the slide toward multi-week lows, around the 108.75-70 region, en-path mid-108.00s.

The latter coincides with the very crucial 200-day SMA, which if broken is probably seen as a key cause for bearish buyers and pave the way for a further decline.

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