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Control zones for USD/JPY pair on 02.08.19

Yesterday, the pair fell a lot of times, exceeding four average daily moves. This indicates the strength of the downward movement. In similar situations, the probability of retest weekly minimum exceeds 90%, which happened this morning. It is also important to understand that making sales outside the average weekly move is no longer profitable.

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Today, the pair is trading in an important support area. Now, there is a move beyond the minimum of the last month. If there is a price hold in this range, a further decline will become a priority for the current month.

An alternative model will be developed in case the growth starts from the current rates. To enter the purchase will require the formation of a "false breakdown" pattern at yesterday's minimum. The main goal of growth will be the level of 108.09, which is the lower limit of the weekly average move.

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Daily CZ - daily control zone. The area formed by important data from the futures market, which changes several times a year.

Weekly CZ - weekly control zone. The area formed by marks from the important futures market, which changes several times a year.

Monthly CZ - monthly control zone. The area is a reflection of the average volatility over the past year.

The material has been provided by InstaForex Company - www.instaforex.com