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Technical analysis of USDX & USD/JPY for May 21, 2015

As we expected, the June rate hike is unlikely to happen. The same we found from the FOMC April meeting minutes. After the Q1 slowdown, we expect the FOMC to wait for data on another quarter to be released. The USDX extended its winning streak for the 3rd consecutive day. The parallel resistance at 95.95 is acting as a strong near-term hurdle. In case the level of 95.95 gets taken out, bulls will aim at 96.30 and 96.85. Support is found at 94.95 and 94.60. A daily close below 94.60 is likely to push bears to aim at the previous low of 93.00 and even lower at 91.50.

USD/JPY

At the Asian session, the Japan Manufacturing PMI was released. Flash Japan Manufacturing PMI was printed at 50.9 (49.9 in April). Operating conditions improved slightly in May. The Flash Japan Manufacturing Output Index came at 51.7 (49.3 in April). Production is moderatly recovering. After the data release, JPY gets stronger against USD and GBP. But it was trading lower against the euro at the Asian session. The USD/JPY pair gave the third consecutive strong close. Bulls have been extending their footprints for five consecutive days. The pair faced resistance at 121.50, which was parallel resistance. A daily close above 121.50 is likely to make bulls aim at 122.00 and 122.50 initially. We recommend buying at 119.00. Intraday support is found at 121.00 and 120.60. As of now, the near-term buying stop loss is seen at 120.40.

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