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USD/JPY forecast for the week of October 3, 2016, Technical Analysis

By:
Christopher Lewis
Published: Oct 1, 2016, 05:13 UTC

The USD/JPY pair initially fell during the course of the week but found enough support at the 100 level to bounce and form a hammer. I believe that the

USD/JPY weekly chart, October 3, 2016

The USD/JPY pair initially fell during the course of the week but found enough support at the 100 level to bounce and form a hammer. I believe that the 100 level continues to be supported by the Bank of Japan, and given enough time I think we will see the market turned around completely. However, I think it’s very difficult to deal with this potential trend changing opportunity on a longer-term chart. Short-term charts are probably best used to find a bounces that you can take advantage of.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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