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USD/JPY and NZD/USD Forecast June 8, 2018

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The US dollar fell against the Japanese yen during the trading session on Thursday, as the 200 day simple moving average continues to cause issues. Beyond that, the ¥110 level has been resistance more than once, and it will of course continue to cause a reaction occasionally. If we can break above the top of the shooting star from the trading session on Wednesday, the market should continue to go higher, perhaps reaching towards the ¥111 level rather quickly. If we break down below the lows of the session on Thursday, then I think the market probably fall and go looking towards ¥109 level. Remember, this pair is highly sensitive to the headlines around the world, and of course stock markets. I think that stock markets are going to pulled back slightly but should end up offering value. That should give this market a bit of a lift down the road. However, expect a lot of sideways action in the short term.

for more analysis: http://www.dailyforex.com

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