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USD/JPY clawing back gains after massive bounce off 102.00

FXstreet.com (Barcelona) - After trading as low as 102.00 earlier in the session, the USD/JPY is now trading slightly higher at 102.81

The FXStreet.com Trend Index remains strongly bullish on the 1 hour chart, while the OB/OS Index reads neutral. Momentum studies are also in bullish set up on the 1 hour chart, with RSI (14) consolidating just above the 50 level and maintaining the bullish 40-80 zone.

Short term moving averages are now in netural set up on the 1 hour chart. First resistance now sits at 103.07 (the 9dma on 1 hour chart), followed by 103.30 (high price from Friday). Looking at the 1 hour chat, we can see how 102.00 capped numerous advances late last week and is now acting as support (note the bullish engulfing candles on 1 hour chart that formed last week as price re-tested 102.00 numerous time )

Aussie finishes week with lowest close since early June 2012

It was another rough day for the Aussie, with the pair losing just over 88 pips on Friday to close at 0.9731. Economic data in the coming session will be light from both Australia and the US, but expect volatility to pick up when the RBA Meeting Minutes are released later in the week.
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